Yuno Energy, Ireland's leading energy supplier, has a remarkable story of growth. Starting as 'Prepay Power' in a Blackrock bookshop during the 2008 economic recession, the company offered pay-as-you-go electricity, a concept that resonated with consumers. Yuno has since expanded its operations, acquired Firmus Energy, and achieved significant milestones, including over 400,000 customers and €600 million in revenue.
The energy supplier has gone from a standing start 15 years ago to a thriving business offering some of the best rates on electricity and gas
“Ireland was a different place then,” Fay observes. “People responded well to the offer. You pay in small amounts when it suits rather than pay a big bill, and at that stage a big bill every two months was a big ask for consumers. They liked the fact that they could break it down, typically €20, down the shop. We got a great reaction to that.”
Along with Prepay, it has Yuno Energy, a bill-pay supplier. Prepay will continue as a mainstay of the business, but most future growth will come under the “Yuno banner”, Fay predicts. It plans to invest in the bill-pay operation and in recruiting commercial customers.We ran out of meters when we were just about to grow. We survived without paying ourselves while we were waiting for investment
Yuno does not own power plants or gas reservoirs. Instead, it buys its energy on the open market, selling it on at a profit. But it does not buy at the wholesale price on offer at any given time: it agrees deals for electricity and gas months, or even a year or more, in advance of taking delivery, a process known as hedging. This is meant to cut out the risks of constant up and down movement in prices.
Europe competes with south-east Asia for gas supplies. In the medium term, volatility looks likely to continue, particularly as the continent will have to spend the summer replenishing its reduced gas stores, so pressure will remain on prices even as demand from homes and businesses subsides. While no one is likely to increase charges now, Fay maintains that all suppliers, his own company included, are watching this closely.
Yuno is about to expand in yet another direction, district heating. This comes in two forms. One is a self-contained system where an apartment building is served by a single common boiler, which tenants draw on as needed, through heat exchangers in their homes. Yuno is already involved in such projects.
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