Pricing Statement, 1st March 2017
1 March 2017: OVO is changing the price of its Pay As You Go (PAYG) energy tariff from 31st March following increases in policy and wholesale costs and to comply with new regulations coming into force. OVO’s headline price for a dual fuel customer on its PAYG energy tariff will be £1,060 per year.
- Price change represents an average increase of £16 per year (or 1.5%) for dual fuel customers
- Gas unit rates and standing charges for both gas and electricity are increasing following increases in policy and wholesale costs
- Electricity unit rates are decreasing in order to comply with the prepayment price cap being introduced on 1st April
- Electricity only customers will see a 5.6% decrease to their prices
Since this time last year when we made our last PAYG price change, wholesale electricity costs have gone up 33%, wholesale gas costs have gone up 50% and policy costs have gone up 28%.
Following the introduction of Ofgem's prepayment price cap, we will also be making a slight tweak to the structure of our tariff by reducing our electricity unit rates.
OVO reviews its prices on a regular basis and has a strong track record of cost-reflective pricing and passing back savings to customers whenever possible. These principles sit at the heart of the company’s promise to customers that the deal they are getting from OVO will always be fair, transparent and as competitive as possible.