Ireland's newest energy provider Yuno is moving into the gas market.

The company says users of both gas and electricity could save €914 compared to the average of other supplier standard rates.

The company will supply gas at 8.23c per unit - which is the cheapest price in the market - and is also offering electricity at 23.96c per unit.

Both prices are fixed for 12 months for new customers so they will not change whatever happens to prices in wholesale energy markets during the coming winter.

The Irish company, which launched just over a year ago, says it now has 30,000 customers.

Yuno Energy CEO Cathal Fay told Breakfast Business how they're able to undercut competitors.

"The gas is physically distributed from the pipelines that come in from the UK via Gas Networks Ireland - similar to any other supplier in the market," he said.

"I need to differentiate between the physical delivery of gas, which comes through those pipelines, and then we go through financial contracts for delivery of the gas and that's where the differentiator is.

"We purchase energy for delivery to our customers over the next 12 months - we contract forward for that at today's forward prices whereas the other suppliers would have purchased at legacy prices for delivery for the next 12 months."

Mr Fay said historic prices are still higher than forward prices due to invasion of Ukraine.

"They went to 10-times historic norms but have only gradually since then," he said.

"That means that the historic prices are higher than those forward prices.

"We offer customers the surety of a fixed price that we have bought forward at that price for delivery over the next 12 months".

Mr Fay said the business model does mean it has "an impact" on profit margins.

He added that he's hopeful the company will reach "100,000 customers over the next number of years".

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