There are hopes a new cut-price energy rate announced by Yuno Energy will lead to a new round of reductions for customers.

Yuno, a subsidiary of pay-as-you-go electricity provider PrepayPower, has announced a new fixed rate for new customers that is 5% lower than what it currently charges.

The offer will see customers charged 31.55c per kWh.

Yuno said the new rate will cost the average customer €1,590 per year – a figure it believes is €430 lower than the average standard rate offered by other companies.

The company says the new rate will be “particularly attractive” to customers who have not switched provider in over a year.

Yuno launched earlier this year – marking the first time a new player had entered the Irish market in over three years.

It cut its prices by 12% in September, with other companies including Bord Gáis Energy, Electric Ireland and SSE Airtricity announcing cuts shortly afterwards.

Meanwhile, the first of three electricity credits announced in the budget is expected to be available this week.

The first credit is due to be available on December 1st, with the second due on January 1st and the third on March 1st.