The latest entrant to the Irish electricity retail space, Yuno Energy, has reduced its pricing for new consumers by 3.4%. The fixed unit rate now stands at 25.24c per kWh for a year and is impervious to any volatility in the wholesale energy markets. The annual fee for a general customer has been estimated around €1,325.
Yuno Energy, the brainchild of the team who created PrepayPower, boasts over 180,000 electricity and 60,000 gas subscribers. However, the revised rate is available only to new clients. Its services primarily operate via the Yuno Energy app.
The bill calculation is based on foreseen household usage. Customers then can track their consumption against the expected usage throughout the month.
Majority of energy suppliers have been implementing price cuts, triggered by the 15.3% decrease in wholesale electricity rates in February compared to January, and a 46.8% drop from the same period in the preceding year.
Data from the Central Statistics Office (CSO), published on Friday, revealed that the general energy products index, encapsulated within its wholesale price index, declined by 10% since January and saw a drop of 37.2% compared to February 2023.
The rapid and unexpected easing of core inflation in the Republic and across the euro zone has been chiefly attributed to the decreasing energy costs.