Energy supplier announces third price cut, promising cheapest rate in market

The annual cost for a typical customer will be €1,362, which is almost €500 less than the average standard rates of other suppliers

Ireland’s newest energy supplier has announced that it is cutting its electricity prices for the third time this year, setting the bar for competitors with the cheapest unit rate in the market.

From Monday February 19, Yuno Energy has slashed its electricity rate for new customers by 4.6% and the company says the price is fixed for 12 months and will not change regardless of what happens in wholesale markets.

The annual cost for a typical customer will be €1,362, which is almost €500 less than the average standard rates of other suppliers, according to Yuno Energy.

“This is a fixed-rate offering so it will not change for the year,” said Cathal Fay, CEO of the energy company.

“Wholesale markets have decreased recently but are still volatile, so the new rate we’re announcing today might be particularly appealing to those who want to be sure they can lock in the benefits of recent price reductions.

“If you haven’t changed in a year or more, you will save a minimum of €393 by joining Yuno,” he claimed.

The provider’s new unit rate for electricity is 26.13 cent including VAT per kWh.

It also announced that its standard rate will drop by 8.5% from April 1, which it says will be the cheapest standard rate tariff on the market. This is the rate that applies for existing customers following their discount period.

Yuno Energy launched in the Irish market last August with a stated aim of being the cheapest supplier of electricity in the country.

It is a subsidiary of PrepayPower – a pay-as-you-go energy provider established in 2010 that has 180,000 electricity customers and 60,000 gas customers in Ireland.

Yuno Energy uses smart meters and phone apps for the management of customers’ day-to-day use of energy.

Its latest price cut is likely to put pressure on other electricity providers, most of which have reduced their rates twice, although some have yet to implement the second reduction.

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