The new supplier ups the ante in the energy market by launching the country's cheapest electricity deal.
The past two years have been extremely tough for energy customers in Ireland as gas and electricity prices reached record levels following the outbreak of war in Ukraine.
However it does look like there is finally some light at the end of the tunnel.
Over the past few weeks all the main energy suppliers have announced moderate price reductions of between 10% and 20% on average, which will come into effect from early November.
And now today, Yuno Energy has provided more good news by launching a new electricity offer which is the CHEAPEST on the market.
Who is Yuno Energy?
Yuno Energy is a subsidiary of Prepaypower, the pay-as-you-go electricity provider, which has been operating in Ireland for many years. However it offers a billpay service at cheaper rates and operates as a separate entity with its own app and call centre.
Yuno launched in Ireland in August when it was the first new supplier to enter the market in several years. It currently only offers electricity but plans to offer gas at some stage next year.
You can find out more about the supplier here.
What's on offer?
Yuno has launched two new electricity offers today: a variable tariff and a fixed tariff over one year. The new tariffs are 12% lower than Yuno's previous best prices.
On Yuno's variable tariff the unit rate is now just 33.35 cent per kWh including VAT. So if you used an average amount of electricity your bill would come to just over €1,666 a year. This makes it the cheapest electricity deal currently available in the entire market.
The price on Yuno's fixed tariff is slightly higher at 33.96 cent. As the name suggests, if you choose this plan then your rate won't go up or down for the year, regardless of what happens on wholesale energy markets.
If you're on standard rates with your current supplier, even after November's price reductions come into force, you'll be paying around 40 cent or more per kWh. This means you could potentially save a further €300 to €400 on average by switching to Yuno. Not bad!
There is now real value to be had from switching and Yuno is leading the way in this regard. We are very happy with the response to our launch. Customer recruitment is going well and the response to our app (which allows customers track actual energy costs against budgeted energy costs) has been extremely positive. Customers know how much energy they use and precisely how much their bill will be throughout the month.
Cathal Fay, Yuno Energy CEO
Is this the start of an energy price war?
It'll be interesting to see how the competition reacts to Yuno's new offers. Seeing as many only recently announced price cuts which have yet to even come into effect. But a full-scale energy price war is unlikely in the short term.
The energy market still remains volatile with gas and electricity prices on wholesale markets still at very high levels.
For example the wholesale price of electricity in Ireland is still around 250% above normal levels while wholesale gas prices are around double where they were in 2020 before Covid and then the war in Ukraine wreaked havoc with energy prices. So there's a limit to how much further prices can drop for the time being.
However it does look like the worst of the energy crisis has passed, and if prices on wholesale markets remain at current levels, we should see another 10% to 20% reduction in the first quarter of next year.
Compare, switch and save on bonkers.ie
You can do a full comparison of all the energy deals that are available on bonkers.ie in just a few minutes using our energy comparison service.
Then to switch, all you need is your MPRN for electricity, your GPRN for gas, and a recent meter reading. You'll also need to supply some personal details and payment details for billing.
For more information on the comparison and switching process, make sure you take a look at our guide on how to get cheaper energy bills.