It's the first new supplier to enter the Irish energy market in over three years and offers households potential savings of several hundred euro.
There’s finally a bit of good news for hard-pressed energy customers today as Yuno Energy has officially launched in Ireland.
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 will offer a billpay service at cheaper rates 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 almost 80% above average!
What’s on offer?
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%) for the year. This makes it the cheapest supplier on the market for anyone using an average amount of electricity and who has a standard, 24-hour meter.
Yuno Energy is also offering a variable-rate tariff - where the standard unit rate is just over 41 cent. Yuno Energy isn't offering gas at present but hopes to at some stage in 2024.
Most households should be able to save a few hundred euro on their annual electricity bill with Yuno. 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’s Energy's fixed tariff for example. Bord Gáis Energy’s electricity customers would save over €400.
However it’s important that you compare the market as depending on how much electricity you use and the type of meter you have installed (standard, day/night, or smart) there may be cheaper deals available with other suppliers.
Technology is also a big part of Yuno Energy's offering. It’s using the latest technology to ensure a user-friendly experience for customers via the Yuno Enery app, where customers can manage and track their electricity usage and costs, get customer service support, and view their bills.
However if you want to talk to someone directly, it also has a Dublin-based customer support team that you can phone seven days a week.
Paying your bill
Yuno Energy is offering a billpay service but it does some things a little differently, which you should be aware of.
- You’ll be billed each month (there is no bi-monthly payment option).
- Unlike other billpay suppliers, you won’t pay by direct debit - you’ll be charged onto your debit card (or credit card). This is similar to how providers like Spotify, GoMo, and Netflix all bill their customers. So you’ll provide your card details, not your bank account number, to Yuno Energy.
- Before signing up, the supplier will take an upfront payment based on your estimated energy use for one month. You’ll then be billed each month in advance based on your predicted energy use so you should never be behind on your bills.
- Yuno Energy will issue your bill and all communication though its mobile app (there is no email or postal billing, or customer web portal) so it's best to have a smartphone.
- If you choose the fixed tariff, the price is fixed for one year. After the year is up, you'll roll over onto Yuno Energy's standard unit rate which is currently just over 41 cent for those with a standard meter. Or you can switch to a new supplier of course.
All contracts are for one year. If you want to leave during the year, an early exit fee of €50 applies.
Prices still high
Most households should be able to save by switching to Yuno Energy. And hopefully this will force other suppliers to respond over the coming weeks.
However the cost of electricity on the Irish wholesale market, from where all suppliers ultimately buy electricity for sale onto households, is still over double normal levels and is much higher than in most other EU countries. So there is a limit to how far prices can drop for the time being.
Back in 2020 before Covid and then the war in Ukraine wreaked havoc with energy prices, the average price of electricity for households was around 20 to 22 cent per kWh. And on top of this many suppliers were offering new customers large, introductory discounts. So Yuno Energy's price, despite now being the cheapest in the market, is still almost double that. Which really goes to show the scale of the energy crisis.
And our prices still remain well above the EU average of around 26 cent per kWh for example.
Nevertheless, Yuno Energy's entry into the market is still good news and prices are at least starting to creep back to slightly more manageable levels.
A difficult upcoming winter
With summer coming to end, the nights will soon start closing in and people’s thoughts will once again turn to coping with energy bills.
Gas and electricity prices are likely to remain near record levels this winter so it’s important households prepare accordingly.
- Look at switching to a cheaper supplier on bonkers.ie.
- Look at ways to reduce your energy costs. Here are 16 tips to reduce your electricity usage and save money.
- if you find yourself behind on your bills this winter, here are the supports available if you're struggling.
Why are electricity prices in Ireland so expensive? Read our in-depth guide.
Why are gas and electricity prices in Ireland not falling? We investigate the answer here.