Around 100,000 customers of energy supplier Yuno face increases of around €3 a-week from July as the company became the latest to announce a charges hike.
Global energy prices soared once Iran shut the vital Strait of Hormuz shipping lane following US-Israeli strikes in February and have remained volatile since.
Yuno Energy, the latest entry to the Republic’s market, confirmed on Friday that it would increase the prices it charges consumers for electricity and gas from July 1st.
The increase will add 9.5 per cent a year to electricity bills and 11 per cent to natural gas bills, the company said.
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Based on average use, this will boost electricity bills by €3.24 a week and gas charges by €3 a week, Yuno estimates.
This will be Yuno’s first increase since it launched on the market in August 2023 with charges far lower than many rivals, the company pointed out.
It has around 100,000 household gas and electricity customers.
Solar customers who “export” electricity they do not need will get an 8 per cent increase for this, “recognising the value of their renewable generation”, the company said.
Yuno managing director, Margaret O’Connor, noted that the company had held its prices since its launch, including during the recent winter when others boosted charges.
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“Unfortunately, due to the impact of the Middle East war on wholesale energy prices we can no longer delay this increase,” she said.
Prepay Power, they pay as you go supplier that is part of the same group, announced increases in its electricity and gas charges at the start of the month.
It was the first Irish supplier to do so since the outbreak of the Middle East conflict at the end of February.
This week Electric Ireland, the domestic supply arm of State-owned energy group, the ESB, announced that it was increasing its charges.
Industry sources predicted late in April that Irish energy suppliers would begin increasing electricity and gas charges through this month and June as a consequence of the crisis.
Around one fifth of the world’s oil and gas is shipped through Hormuz.
Natural gas is used to generate around half the electricity used in Ireland.
Oil prices fell to around $92 (€79) a barrel on Friday following news that the US and Iran were close to a deal on talks.
However, industry observers say the impact of the three-month closure of Hormuz could take months to unwind, with consequences for Irish and global energy costs.
