Yuno Energy has announced it is to cut electricity rates for new customers by 3.4 per cent.

The new rate, available from Monday, will be fixed for 12 months, “and will not change no matter what happens in the wholesale energy markets,” the engery provider said.

Having launched in the Irish market last August, it has joined other providers in reducing rates following reductions in wholesale energy prices.

Yuno’s latest rate for new customers will be 25.24 per cent (including VAT) per kWh.

“Wholesale markets have increased in the last few weeks and are still volatile,” Yuno’s chief exeuctive Cathal Fay said, adding the rate for new customers “might be particularly appealing to those that want to be sure they can lock in the benefits of recent price reductions”.