Worries about a cold winter driving energy prices up again, says energy provider

The move comes as the Government prepares to announce Budget 2025, with a significant cost-of-living package set to be introduced. 

Energy prices could increase ahead of what is predicted to be a cold winter, one energy provider boss has claimed. 

Yuno Energy CEO Cathal Fay said the energy market seems to be "worrying about another cold winter this year and prices are up again".

"A lot of it is about gas prices which ultimately drives electricity prices," he told RTÉ's Morning Ireland on Monday. 

"At one point they were 10 times the historic norms. In spring this year, when Europe got through winter, due to a mild winter, they had gone down to where they were 50% more than historic norms. 

"Now, the market seems to be worrying about another cold winter this year and prices are up again. Wholesale prices are double historic norms for this winter despite fundamentals being strong," Mr Fay said. 

"There is a lot of gas in storage, but it looks like the market is pricing it at a risk of a cold winter, which would increase prices." 

It comes as Yuno Energy enters the gas market this week after the company launched a year ago selling electricity to retail customers across the country. 

"There are very significant savings to be secured for customers particularly those who have not moved their supplier over the past year. We anticipate savings on a like-for-like basis of €581 for electricity customers, €333 for gas customers and €914 for customers of both", Mr Fay said. 

The move comes as the Government prepares to announce Budget 2025, with a significant cost-of-living package set to be introduced. 

Among the measures that are understood to have been signed off is a €250 energy credit before Christmas.