New electricity provider enters Irish market, claiming to offer cheapest rates

The company behind pay-as-you-go energy supplier PrepayPower has launched a new electricity bill pay service, claiming to offer the cheapest rates on the market.

Yuno Energy claims its new service could save Irish consumers more than €500 a year on their annual electricity bill.

“Customers can avail of a discounted unit rate of just 38.04c per kilowatt hour. This equates to an annual cost of €1,765 for those on a 24-hour meter with average consumption,” it said.

Yuno’s entry into the Irish market comes on the back of recent figures that show electricity prices in Ireland are the highest in the EU at about 80 per cent above average. It is the first new entrant in more than three years.

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Yuno said it would offer electricity on the basis of a monthly bill issued at the start of the month and based on predicted energy usage by the relevant household.

“As the month goes by, customers with a smart meter will be able to see how much energy they are consuming which will enable them to adjust their usage patterns to reduce their energy costs,” it said.

[ Gas and electricity bills likely to stay high, warns Commission for Energy Regulation ]

The company, which has been testing its service on a pilot basis in recent weeks, is planning a major advertising campaign to promote the business. It is the first new supplier to enter the Irish residential energy market in more than three years. It also expected to enter the gas market at some stage in 2024 or 2025.

Yuno Energy will operate as a separate business to PrepayPower, operating independently with its own app and a seven day a week call centre. PrepayPower is the largest pay-as-you-go provider in Ireland with more than 175,000 electricity and 60,000 gas customers.

Head of communications at bonkers.ie Daragh Cassidy said: “This is undoubtedly good news for Irish households which are currently faced with the most expensive electricity in the EU.

“Most households should be able to save a few hundred euro on their annual electricity bill with Yuno Energy,” he said.

“An Electric Ireland customer on standard rates with a 24-hour meter and who uses an average amount of electricity would save around €260 over the year by moving to Yuno Energy’s fixed tariff for example. Bord Gáis Energy’s electricity customers would save over €400,” he said.

“However, it’s important that consumers compare the market as depending on how much electricity you consume and the type of meter you have installed (standard, day/night, or smart), there may be cheaper deals with other suppliers,” Mr Cassidy added.

“Hopefully this will force other suppliers to respond over the coming weeks and bring some much needed competition back into the market,” he said, noting the cost of electricity on the Irish wholesale market, from where all suppliers ultimately buy electricity for sale on to households, is still more than double normal levels and is much higher than in most other EU countries. So there is a limit to how far prices can drop for the time being.