Yuno Energy cuts rates for second time in under a month

Electricity supplier Yuno Energy is cutting its rates for new customers again.

The new unit rate is 27.39c per kWh, 5.4% lower than previously and is fixed for a year.

It is the second time in less than a month that the provider has reduced its charges and its third reduction since November.

The company claims the latest cut will make it the cheapest in the market.

It says the total cost for a typical customer will be €1,415 per year, over €500 cheaper than the average standard rates from other suppliers.

“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,” said Cathal Fay, chief executive of Yuno.

“If you haven’t changed in a year or more you will save a minimum of €341 by joining Yuno.”

At the start of January Yuno said it was cutting its standard unit rate by 8%.

Since then, other energy companies have been cutting their charges also, with Bord Gáis Energy most recently announcing reductions last week, a few days after Electric Ireland cut its rates.

Yuno Energy has been in existence since August of last year, when it became the latest entrant to the Irish market.

It has cut its charges several times since then, in a bid to lure customers away from more established providers.

It was set up by the team behind Prepaypower, Ireland’s largest pay-as-you-go provider.

However, it operates separately through an app-based offering, with billing taking place in advance at the start of the month based on predicted usage for the household.

The company reportedly has signed up over 10,000 customers since its launch last year.

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