Yuno Energy, Ireland’s newest electricity provider, has become the latest energy company to cut its prices as wholesale energy prices continue to fall from last winter’s highs.
The pay-as-you-go supplier, which was launched in the Republic in August and is operated by the company behind PrepayPower, said it is cutting its unit energy cost for its lowest discounted tariff by 12 per cent.
Yuno said its new unit rate of 33.66 cent per kilowatt-hour is the cheapest rate in the market with the typical customer expected to pay €1,665 per year, some €355 below average market rates.
“The new rate will be particularly attractive to customers who haven’t switched energy provider in over a year,” said Yuno and PrepayPower chief executive Cathal Fay. “There is now real value to be had from switching and Yuno is leading the way in this regard.”
Yuno is the first new supplier to enter the Irish residential energy market in more than three years and is also expected to enter the gas market at some stage in 2024 or 2025. Through its app, the company issues monthly bills at the start of each month based on predicted energy usage by the relevant household. Users with a smart meter can also track their energy usage through the Yuno app over the course of the month.
Mr Fay said: “We are very happy with the response to our launch. Customer recruitment is going well and the response to our app (which allows customers track actual energy costs against budgeted energy costs) has been extremely positive.”
The announcement follows a raft of recent price cuts by energy providers over recent weeks as companies begin to pass through falling wholesale energy prices to customers.
Energia, SSE Airtricity, Flogas and Bord Gáis Energy have all announced reductions since the start of September.
