New electricity provider Yuno Energy has announced that it is cutting its rates for new customers once again, the third price reduction announced by the electricity provider since November.

The new unit rate is 27.39 cent per kWh, which is fixed for a year and 5.4% less than its previous lowest rate.

It is the second time in January that the energy provider has reduced its charges, with the company claiming that the latest price cut will make it the cheapest in the Irish market.

At the start of the month, Yuno Energy announced that it was cutting its standard unit rate by 8%.

It says the total cost for a typical customer (€1,415 per year) will now be €500 cheaper than the average standard rates from other electricity suppliers.

It comes as other electricity and gas providers announced plans in recent weeks to cut their unit prices. Bord Gáis is reducing its electricity unit rate prices by 10% and gas by 9.5% which comes into effect on February 29.

Bord Gáis said the latest reductions in both gas and electricity pricing will mean dual-fuel customers will save around €330 a year.

Electric Ireland also said that it will reduce its electricity prices by 8% from 1 March, with the standing charge going down by the same percentage.

Its gas prices are also coming down – by 7% – with the gas standing charge falling by the same percentage.

The reductions will mean Electric Ireland’s residential electricity customers will save an average of €153 this year.