Yuno Energy has announced a price freeze for electricity and gas customers for the winter months.
The bill pay service was set up two years ago and has 65,000 customer accounts. The announcement means there will be no increase in prices from the company until March 1st at the earliest.
The company said its customers benefit from the lowest rates in the Irish market. It said an average customer moving to Yuno Energy for both electricity and gas could save up to €945 made up of savings of €551 on electricity and €384 on gas.
Cathal Fay, chief executive of Yuno Energy, said the absence of universal energy credits this winter would make customers more price sensitive than ever.
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“The coming winter is going to be difficult for many customers and we believe that this announcement will reassure both existing and new customers that they can have predictability about energy costs for the coming months,” he added.
Yuno Energy is a sister company of PrepayPower, which is Ireland’s largest pay-as-you-go energy company. PrepayPower last week announced a similar freeze on prices for the winter months.
In recent weeks a number of providers of electricity and gas have announced price increases including Energia, Bord Gáis Energy, Pinergy, SSE Airtricity and Flogas.
Wholesale electricity prices have dropped by more than 75 per cent since their peak in 2022, according to the Central Statistics Office (CSO).
The agency’s latest barometer on wholesale prices here show electricity prices fell by 4 per cent on an annual basis in August and were down by 75.1 per cent when compared with the peak that occurred in August 2022 in the wake of Russia’s invasion of Ukraine.
Wholesale electricity prices rose by 195 per cent between August 2021 and August 2022, peaking at almost €400 per MWh (megawatt hour) versus an average of about €38 per MWh in 2020.
While wholesale prices have softened considerably since, retail prices for consumers remain elevated.
