Hopes of price drop for electricity as supplier offers new discounted rate

An energy supplier in the Irish market had announced a a new cut-price electricity rate, prompting hopes that other providers might offer similar discounts.

New energy provider Yuno Energy has announced a new fixed rate that is 5pc cheaper than its previous lowest rate. It said the new rate will mean its offering will be €430 below the standard rate offers from other suppliers.

It is hoped the news could lead to reductions from other suppliers in the Irish market, many of whom have recently implemented price cuts of between 10pc and 20pc in recent weeks.

The new unit rate for electricity from Yuno is 31.55c per kilowatt hour (kWh). This is down from 33.35c per kWh.
Yuno said this fixed rate is 5pc cheaper than its previous lowest rate and makes it the cheapest electricity supplier in the market.

Yuno Energy, which launched in the Irish market earlier this year, said a typical household will spend €430 less a year than one on the average standard rates from other suppliers by opting for its new fixed rate. 

Yuno Energy is a subsidiary of Prepaypower, the pay-as-you-go electricity provider, which has been operating in Ireland for many years. However it offers a billpay service at cheaper rates and operates as a separate entity with its own app and call centre.

Yuno launched in Ireland in August when it was the first new supplier to enter the market in several years. It currently only offers electricity but plans to offer gas at some stage next year.

The total cost for a typical customer is estimated to be €1,590 a year.

Yuno chief Cathal Fay recently said: "The new rate will be particularly attractive to customers who haven't switched energy provider in over a year.

"There is now real value to be had from switching and Yuno is leading the way in this regard," he said.

Hard-pressed households will see the benefit of the first energy credit instalment of €150 which is due to be available from December 1. A second one is due on January 1 and a third on March 1.