Yuno Energy is cutting its electricity rates for new customers from today for the third time this year.
The new rate is 4.6% lower than its previous rate, making it the cheapest unit rate in the market. The company says the rate is fixed for 12 months and will not change no matter what happens in wholesale energy markets.
Yuno Energy is the newest supplier of electricity to the residential market in Ireland, having launched in August last year. It has 10,000 customers and hopes to increase that figure with today's announcement.
It has cut rates for new customers a number of times, resulting in a wave of price reductions from all the major players in the market. The company says its app-based offering makes energy usage more accessible.
Yuno's new unit rate for electricity is 26.13 cent per kWh. It says the total annual cost for a typical customer will be €1,362 per year, which is almost €500 cheaper than the average standard rates from other suppliers.
The company is also decreasing its standard rate by 8.5% from April 1, which will make it the cheapest standard rate tariff in the market.
It says this means that its customers will avail of the lowest annual cost in the market for existing customers at the end of their discount period.
Cathal Fay, Yuno CEO said 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".
He said, "If you haven’t changed in a year or more you will save a minimum of €393 by joining Yuno."
Yuno Energy is run by the people behind PrepayPower – a pay-as-you-go provider with over 180,000 electricity and 60,000 gas customers. Yuno Energy is a separate business which operates independently with its own app.
