Why Have Yuno Energy Not Increased Their Prices?
Yuno Energy's chief executive Cathal Fay stated:
“The absence of universal energy credits this winter would make customers more price sensitive than ever.”
“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.”
Yuno Energy's parent company, PrepayPower, announced last week that they would also be freezing their electricity and gas prices.
Electric Ireland are the only other electricity supplier who have opted not to increase their prices, contrasting to the host of other prominent suppliers who have announced price increases in the last few weeks.
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Why Are Electricity Suppliers Increasing Their Prices?
Electricity suppliers such as Bord Gáis, Energia and SSE Airtricity have all announced significant price increases set to take effect this month affecting over 1,000,000 households across the country.
They have stated that the price increases are a response to continued increases in network charges, the impact of wholesale energy markets and the higher cost of doing business. These charges are regulated and approved by the Commission for Regulation of Utilities (CRU).
They are designed to cover the costs of:
- Maintaining and upgrading the electricity grid: This includes ensuring the reliability and efficiency of the network.
- Ensuring security of supply: This involves having enough power generation available to meet demand.
- Addressing network constraints: This refers to the challenges of managing the flow of electricity on the grid, especially with growing renewable energy sources.
- Investing in decarbonisation: Upgrading the grid is essential to accommodate more renewable energy and meet Ireland's climate goals.
On average, network charges account for roughly 25-30% of a residential electricity bill, so an increase to these regulated fees has a significant flow-through impact on the final unit rate paid by the customer.
Suppliers have defended the price increases, stating that these are the first price increases introduced in the last 3 years, and that network charge increases were absorbed in 2024.
How Will These Price Increases Affect My Bills?
For an average residential electricity customer (using a typical 4,200 kWh per annum), the price increases announced by suppliers like Bord Gáis Energy, Energia, and SSE Airtricity are estimated to add another €150 to €220 to their annual bill, depending on the provider and tariff.
This projection accounts for both the rising unit rates and standing charges. Your actual bill will depend on your own energy consumption.
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What Can I Do About Increasing Electricity Prices?
| Strategy | What It Involves | Potential Benefits |
|---|---|---|
| Switch Suppliers | Compare offers from different electricity providers and switch, especially if out of contract | Significant discounts (often 30% or more) for new customers in their first year |
| Optimise Tariff | Ensure on discounted contract; consider time-of-use tariff with smart meter | Potential savings on night-time usage and overall reduced rates |
| Actively Manage Usage | Energy-saving habits, efficient appliances, optimise heating/cooling, use natural light | Reduced overall electricity consumption, lower monthly bills |
| Utilise SEAI Grants | Avail of government-backed schemes for insulation, window upgrades, or heat pump installation | Massive long-term reduction in energy demand, saving hundreds annually |