Electricity supplier announces further price cut for households

Electricity provider Yuno Energy has announced a fourth price cut for its fixed electricity rates, sparking hopes of an energy price war. 

Yuno Energy has now reduced its charges six times since the company entered the Irish market last August.

The energy provider is cutting its fixed rate by 3.4pc, with effect from today. It is the fourth cut this year in its fixed rate.

However, the new rate applies only to new customers, because those already locked into a previous fixed rate will not see any change in what they pay.

The new price is more than €500 cheaper than standard rate offers from other suppliers, even after all the latest reductions take effect. It would become the cheapest price in the market, according to Yuno.

Energia and Flogas recently announced price cuts, bringing them close to the lowest rate offered by Yuno. which aims to be the cheapest in the market.

The company’s new unit rate for ­electricity is 25.24c per kilowatt hour, including Vat.

This is down 3.4pc from 26.13c per kWh. Yuno said this meant it would have the cheapest unit rate in the market. The total annual cost for a typical customer will be €1,325 a year, which is more than €500 cheaper than the average standard rates from other suppliers.

Yuno chief executive Cathal Fay said: “This is a fixed-rate offering, so it will not change for the year.

“Wholesale markets have increased in the last few weeks and are still volatile, so the new rate we’re announcing might be particularly appealing to those that 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 €430 by joining Yuno.”

The company is a subsidiary of pay-as-you-go electricity provider PrepayPower, but offers a bill-pay service and operates as a separate entity.

Darrragh Cassidy of Bonkers.ie wrote: "When Yuno launched back in August it offered a then market-leading fixed rate of just over 38 cent per kWh. However it has cut its electricity prices for new customers several times since then in response to increasingly intense competition in the energy market".