Yuno Energy, the newest electricity retailer in the Irish market, has cut its rate for new customers by 3.4 per cent.
The new unit rate is 25.24c per kWh. The company said the rate is fixed for 12 months and it will not be affected by fluctuations in wholesale energy markets. It said the total annual cost for a typical customer will be about €1,325 per year.
The group, which was founded by the team behind pay-as-you-go energy provider PrepayPower, has more than 180,000 electricity and 60,000 gas customers on its books, although the new rate applies to new customers only. The service is centred on the Yuno Energy app.
This is the fourth time this year Yuno has cut its prices.
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The bill is based on predicted usage for the household. Customers can then see throughout the month how their usage varies compared with the prediction.
Most energy providers have been cutting prices in response to the drop in electricity prices, which fell by 15.3 per cent in February compared with January, and by 46.8 per cent compared with the same month last year.
Data from the Central Statistics Office (CSO) published on Friday shows the overall energy products index, which is contained within its wholesale price index, was down by 10 per cent since January and by 37.2 per cent when compared with February 2023.
The faster-than-expected softening of headline inflation in the Republic and across the euro zone has been driven almost entirely by falling energy prices.
Flogas Energy, one of the State’s largest energy providers, cut the cost of domestic energy by as much as 25 per cent in recent weeks in a move that will mean some customers’ gas and electricity bills fall by more than €700.
Electric Ireland, the State’s largest energy supplier, announced it would cut prices for both its electricity and gas customers in January.
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