Yuno’s entry to energy market forecast to force competition on prices

New energy supplier charging 38.4 cent per kilowatt hour, the lowest price providers can go to at present

Yuno energy: Firm’s chief executive says switching to the supplier’s fixed discount rate could save households €500 a year. Picture: Daniele Mezzadri

The entry of Yuno Energy to the consumer energy market will aid in forcing other energy providers to be more competitive on price, according to Daragh Cassidy, head of communications price comparison website

The government has been applying pressure to energy providers to reduce prices for consumers in recent weeks, with Cassidy hopeful the extra competition could aid in forcing their hands.

“There’s a limit to how far prices can drop because the price of electricity on the wholesale market is still over double normal levels. A price of between 36 and 38 cent is the lowest a supplier can go at present, that’s what Yuno has come in at,” Cassidy told the Business Post.