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Pricing Statement - OVO Energy’s 5.8% variable price decrease

28 JANUARY 2015: OVO is today announcing a drop in the price of its Standard Variable Tariff – Simpler – by 5.8% (for dual fuel, 10.4% drop for gas) to reflect falling wholesale costs, resulting in an average saving of £65 per year (1). Following the price drop OVO’s price for a dual fuel customer on a Standard Variable Tariff will now be £1,051 (down from £1,116) (2)

OVO’s Standard Variable Rate Tariff, Simpler, has been in the top five cheapest variable rate tariffs for the last 12 months both compared to other independents, but especially compared to the Big Six (3). This price change will mean OVO’s Simpler tariff is 12% cheaper than the average Big Six Standard Variable Rate Tariff (4).

The move will benefit current customers on Simpler (around 14% of OVO’s customers), as well as new customers coming onto the tariff. This will be OVO’s eleventh price drop in 18 months, including most recently a reduction of 5.5% to its Fixed Tariffs earlier this month.

The decrease takes effect at 00.01 on 1 March 2015. 


1Compared to our previous Standard Variable rate before this change effective from 1 March 2015. 

2£1,051 is the annual cost of OVO’s Simpler tariff for a dual-fuel medium user (3200 kWh electricity, 13,500 kWh gas), including all available discounts and VAT, when averaged over the regions in which that tariff is available. Effective 01/03/15. 

3Over the last 12 months, OVO has been in the top five cheapest Variable Standard Tariffs every month. Looking at the 6th of the month, every month for the last 12 months from 19.01.14 – 19.01.15. 

4Comparison of average Big6 Standard tariff (paperless where available) with OVO’s Simpler Plan for a standard average UK medium user as defined by Ofgem (3200kWh electricity, 13500kWh gas), valid as of 01/03/2015 according to EnergyLinx at 27/01/2015 – note this doesn’t include the recently publicised cuts from the Big 6.

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O​VO​ Energy Ltd, registered office 1 Rivergate Temple Quay Bristol, BS1 6ED, company no. 06890795 registered in England and Wales, VAT No. 100119879

Additional terms and conditions
Please see below for full terms and conditions on 33% renewable electricity, 3% interest rewards, exit fees and saving claims.

 

1Monthly cost - Representative monthly direct debit costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying in advance by direct debit, including online discount.  All rates correct as of 23/08/16, but may go up or down.

2Weekly cost - Representative weekly costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas).  All rates correct as of 23/08/16, but may go up or down.

3Pay Monthly Savings are based on the average estimated annual costs for new PAYM OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location.

4Pay As You Go Savings are based on the average estimated annual costs for new PAYG OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location. 

We include almost twice as much renewable electricity as the national average: At least 33% of electricity in all of our tariffs comes from renewable sources. The national average, according to Ofgem as at March 2014 was 16.7%. For more information please visit this page.

33% of your electricity comes from renewable sources: 33% renewable electricity as standard as of 1st April 2015. Renewable electricity is generated from wind, solar, geothermal, wave, tidal, hydro, biomass, landfill gas, sewage treatment plant gas and biogas.

3% interest: Calculated at 3% per year, paid monthly based on number of days in credit and the amount left in your account after you’ve paid your bill. OVO Interest Reward is capped at 12 times the amount of the current direct debit amount and is available to customers paying by advance direct debit. Terms apply: http://www.ovoenergy.com/terms/

95% of new customers save when switching to OVO: Based on all new customer signups between 01/02/2016 and 31/07/2016

94% of surveyed customers would recommend us: OVO conducted a survey of their customers in between 1st January 2016 and 15th April 2016. Out of 15,312 customers who responded, over 94% rated OVO 6+ when asked 'how likely would you be to recommend us to a friend and family, on a scale of 1 to 10.

Britain's top rated energy provider: Britain's top rated energy provider in the Which? 2015 satisfaction survey. Survey conducted in October 2015. Awarded in January 2016.

uSwitch's Energy Supplier of the Year: OVO energy was voted and awarded  'Energy Supplier of the year' and best for: Overall Customer Satisfaction, Most Likely to be Recommended, Value for Money, Best Deal for You, Customer Service, Billing Services, Energy Efficiency, Meter Services, Online Services, Green Services and Transfer Process. OVO Energy scored a 96% customer satisfaction score.

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