Second electricity and gas supplier to hike prices by up to 11pc in July

Yuno Energy will increase electricity prices by 9.5% and gas prices by 11% starting July 1. The company says the change is driven by rising wholesale energy costs linked to the war in the Middle East. Based on average usage, the increases are expected to add €3.24 per week to electricity bills and €3 per week to gas bills. Yuno also plans to raise “export” rates for solar customers by 8%, increasing payments for excess renewable power sold to the grid. The move follows a similar July 1 price hike announcement from Electric Ireland, which cited knock-on effects from Middle East conflict. Eurostat data also shows Ireland’s electricity costs are nearly 40% above the EU average.

"Yuno Energy will increase electricity prices by 9.5pc and gas by 11pc from July 1, the company said. It comes just a day after Electric Ireland, the country's biggest electricity utility, announced it will significantly hike prices for residential electricity and gas also from July 1. Yuno Energy, a smaller and relatively new provider, said the planned price hikes are the first by the company since it was set up in August 2023."

"The supplier said that the increase was a result of rising wholesale energy costs linked to the war in the Middle East. Based on average usage levels, this will mean an increase of €3.24 per week on customers' electricity bills and €3 per week on gas bills, Yuno said. The company also announced that "export" rates for solar customers will increase by 8pc, meaning households will get more for selling any excess from solar panels or other renewable power to the grid."

"Managing director of Yuno Energy, Margaret O'Connor, said the July 1 price hike was a direct result of the war in Iran. "We've held our prices for the three years since we launched - including through the recent winter when many other suppliers increased their rates. Unfortunately, due to the impact of the Middle East war on wholesale energy prices we can no longer delay this increase," she said."

"On Thursday Electric Ireland said its residential electricity bills will increase by 8pc and residential gas bills will increase by 7.7pc on July 1, These latests hikes come on top of figures from EU statistics agency Eurostat this month that already showed Ireland had the highest electricity costs in the EU, with prices almost 40pc above average. Electric Ireland is also blaming the latest hikes on knock-on effects of the conflict in the Middle East which has resulted in significant upward price pressure on wholesale energy markets."

Read at Irish Independent