The newest supplier in the market is introducing a fixed-rate deal for new customers that is 6.14pc lower than its previous rate. It said 23.69c per kilowatt hour (including Vat) is the cheapest unit rate on the market.
Customers can save a minimum of €490 by switching to it, based on all other suppliers’ standard rates, Yuno Energy said.
It is the fifth time this year the company has cut its fixed rate for new customers.
The rate is fixed for 12 months so it will not change whatever happens to prices in wholesale energy markets during that period.
However, existing Yuno customers will not benefit from the new rate.
Daragh Cassidy of price-comparison site Bonkers.ie said the new rate from Yuno of 23.69c per kWh, including Vat, undercuts the previous best rate from SSE Airtricity by just under 1c.
He said the move from Yuno will put pressure on the other suppliers to make more cuts to their rates over the coming weeks.
The company confirmed it now has more than 20,000 customers since its launched last August.
Yuno has positioned itself to be the cheapest electricity supplier in the market.
It operates a monthly bill-pay service for customers.
It said its mobile phone app-based service gives customers control over how much they are spending.
The total annual cost for a typical customer will be €1,260 a year, down from €1,325 a year, Yuno said. This is more than €567 cheaper than the average standard rates from other suppliers. It said this is after all recently announced decreases by other suppliers take effect.
Yuno Energy chief executive Cathal Fay said: “We are ensuring that customers benefit from the competitive prices we can get for electricity on the wholesale markets.
“While those markets are still volatile, our fixed-rate offering will insulate customers from any price changes over a 12-month period, giving them peace of mind.”
Yuno Energy operates a bill-pay service which is run by the people behind PrepayPower, Ireland’s largest 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 and a seven-day a week call center.
Its electricity offer is available to customers across the country.
