A new company has begun supplying electricity to households in Ireland and claims to offer the cheapest rate available in the market.
Yuno Energy is the first new supplier to enter the Irish residential energy market in over three years, with an entry into the gas market expected to follow at some stage in 2024 or 2025.
The firm is a subsidiary of Prepaypower, the pay-as-you-go electricity provider, which has been operating in Ireland for many years. However, it will offer a billpay service and operate as a separate entity.
The supplier’s entry into the Irish market comes on the back of recent figures which show electricity prices in Ireland are the highest in the EU at around 80 per cent above average.
Yuno Energy is offering households the choice of either a fixed tariff for one year or a variable-rate tariff.
For those who choose the fixed tariff, the unit rate is just over 38 cent per kWh (including VAT at 9 per cent) for the year.
Cheapest supplier on the market
This makes Yuno Energy the cheapest supplier on the market for anyone using an average amount of electricity and who has a standard, 24-hour meter.
Commenting on the news, Daragh Cassidy, head of communication at price comparison site bonkers.ie, said: “This is undoubtedly good news for Irish households which are currently faced with the most expensive electricity in the EU.
“Most households should be able to save a few hundred euro on their annual electricity bill with Yuno Energy. An Electric Ireland customer on standard rates with a 24-hour meter and who uses an average amount of electricity would save around €260 over the year by moving to Yuno Energy’s fixed tariff for example. Bord Gáis Energy’s electricity customers would save over €400.
“However it’s important that consumers compare the market as depending on how much electricity you consume and the type of meter you have installed (standard, day/night, or smart) there may be cheaper deals with other suppliers.
“Hopefully this will force other suppliers to respond over the coming weeks and bring some much needed competition back into the market.”
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