Leading independent energy company OVO Energy today announced that it has increased its two dual fuel fixed tariff prices by an average of 7.7%*, for new customers and existing OVO customers that are due to renew.
Existing customers already in a fixed contract will not be affected by the changes as their prices have been confirmed for a 12 month period.
The increase, effective from 15 March 2012, means an average UK household will now pay £1139.85* per year on OVO’s New Energy dual fuel tariff, against an average of £1160* for comparable tariffs with the “Big Six” providers.
For electricity-only customers, New Energy fixed tariff prices have increased by an average of 3%*.
OVO has also confirmed that it will be increasing its prices for variable customers by an average of 6.2%* on its two dual fuel tariffs, effective from 3 May 2012. This price change will affect approximately 10,000 of OVO’s 90,000-plus customers and all of them will receive information about their options in the next couple of weeks.
“We work hard to make sure that our prices are as low as possible and we pass on savings whenever we can. We were the first energy company to do so this winter, cutting our two dual fuel fixed tariffs by 5%. We delayed the need for an increase for our variable rate customers for all of this winter."
“At OVO Energy we buy our energy a year in advance and due to recent sustained increases in wholesale prices, our prices now need to go up. Our New Energy dual fuel fixed rate tariff is still cheaper and simpler than an average of those offered by the “Big Six”.
OVO does not currently offer a variable tariff to new customers.
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* Figures are as of 12 March 2012 based on a medium user in a typical household using 16,500 kWh of gas and 3,300 kWh of electricity, representing an increase of £80.90 and 7.6% per year on OVO’s New Energy dual fuel fixed tariff current price and an increase of £85.96 and 7.8% per year on the Green Energy fixed tariff current price. http://www.ofgem.gov.uk/Media/FactSheets/Documents1/domestic%20energy%20consump%20fig%20FS.pdf.
A fixed tariff guarantees the price customers pay per unit of energy for a specified period of time. Signing up to a variable rate means the price customers pay per unit may fluctuate.
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OVO 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.