Latest price cut by energy provider announced as prices fall from 'really high levels'

Another energy supplier in the Irish market has announced a reduction to its rates, the third by Yuno since it entered the market. 

The latest reduction will mean the company will be €524 cheaper a year than other supplier standard rates, according to Cathal Fay, chief executive of Yuno, after all the recently announced price reductions have been taken into account.

It follows on recent announcements by Bord Gáis and Electric Ireland in recent weeks. 

“It’s a fixed rate, so it will not change for the year. Wholesale markets have decreased recently, but are still volatile, so it might be particularly appealing to those that want to be sure they can lock in the benefits of recent price reductions,” he said.

Mr Fay said householders that have not changed supplier in a year or more will save a minimum of €343 a year by joining Yuno. ​

The new rate will not change for the duration of the contract to which consumers signed up as it is a fixed rate, the firm said.

The annual cost will be €1,415 after Yuno’s third price reduction, the energy supplier said.

Daragh Cassidy of Bonkers.ie wrote recently after an announcement of reductions by Bord Gáis Energy (BGE), while the reductions are welcome, we need to remember that it comes on the back of some hefty price increases. 

"So even though prices are falling, they’re falling from really high levels," Mr Cassidy said. 

"Wholesale gas and electricity prices still remain high. Indeed they're both close to double normal levers. So there's a limit to how far prices for consumers can drop for the time being," he said.  

"However it does look like there is finally some light at the end of the tunnel for energy customers and the worst of the crisis seems to have passed. And based on current wholesale prices, we should see another 10% to 15% drop in prices from BGE, and indeed all the main suppliers, in the second half of the year,"Mr Cassidy said.