Yuno Energy is cutting its electricity rates for the third time this year.

The company is cutting its 24-hour unit rate from 27c per kWh to 26.13c – saving the average customer around €50 per year.

The rate is fixed for 12 months – with the company insisting it will not change no matter what happens in the wholesale energy market.

Yuno Energy entered the Irish market at the end of last summer and has introduced a raft of price cuts in the months since.

The moves have forced other energy companies to improve their own offering with a price war benefitting customers in recent months.

Speaking to Newstalk at the start of the year, the company’s CEO Cathal Fay said it has been able to cut prices due to its app-based offering.

Yuno Energy is a subsidiary of Prepay Power; however, it is a separate business which is run independently with its own app.

The company says that anyone who has not changed electricity provider for over a year will save a minimum of €393 by joining Yuno.