Yuno Energy cuts fixed-rate electricity prices for second time in January

Yuno Energy, the newest electricity retailer in the Irish market, has cut its fixed rate for new customers for the second time since the start of 2024.

The company, founded by the team behind pay-as-you-go energy provider Prepaypower, will charge new users 27.38 cent per kilowatt-hour (kWh), down 5.4 per cent from 28.93 cent per kWh.

The new rate will be fixed for 12 months and will not change “no matter what happens in wholesale energy markets”, the company said on Monday morning. The annual cost for a typical customer will be €1,415, “which is more than €500 cheaper than the average standard rates from other suppliers” even after they apply recently announced price cuts.

“Wholesale markets have decreased recently, but are still volatile, so the new rate we’re announcing today might be particularly appealing to those that want to be sure they can lock in the benefits of recent price reductions,” said Yuno chief executive Cathal Fay. “If you haven’t changed in a year or more you will save a minimum of €341 by joining Yuno.”

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Daragh Cassidy, head of communications at price comparison website Bonkers.ie, said the rate is just slightly cheaper than the next best deal in the market at present, offered by Bord Gáis Energy.

However, he added: “It’s great to see some strong competition return to the energy market. Strong wind output and in particular falling gas prices have helped reduce wholesale electricity prices in Ireland over the past few months and these reductions are finally being passed on to consumers.”

Yuno’s decision to cut rates for the second time in almost as many weeks is “pretty remarkable”, said Mr Cassidy.

It follows a raft of recent price cuts by energy retailers as they seek to win new customers amid falling wholesale energy prices.

Last week, Electric Ireland became the second of the State’s largest providers to announce a price cut in recent weeks — its second in the last seven months.

SSE Airtricity also said in December it would be cutting prices from the beginning of next month, the second time it has reduced the cost of gas and electricity in three months.

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