Did you catch our founder Stephen Fitzpatrick today at the Energy and Climate Change Committee talking about energy prices?
"It looks to me like a lot of energy companies - a significant number of the big six - are charging the maximum price they feel they can get away with to customers they feel will not switch under any circumstances," Stephen Fitzpatrick told the MPs.
As Stephen has highlighted in the media, the most expensive price we've paid for wholesale gas in the last four years was in May 2011 and since then it's been less. So how can we account for our rises in the past? Although there have been fluctuations in the market throughout the last two years, the point we are trying to enforce is that prices right now are fairly similar to levels two years ago. (Therefore massive hikes this year cannot be justified).
You can find graphs showing the fluctuations in wholesale gas and electricity prices on our website here.
As you will see, wholesale prices for gas and electricity peaked earlier this year in April, and since then have dropped steadily bringing them back in line with prices as they were a couple of years ago.
Although there have been small fluctuations, we believe that energy companies hiking prices at this time of year and blaming it on wholesale costs is unjustified.
Those with OVO whom have seen rises are a result of competitive rates and a well-timed sign-up. We increased the price of our new energy and green tariffs earlier this year to reflect other costs that impact on the price of supplying gas and electricity to your home and we do not have similar planned increases to that tariff in the foreseeable future, especially given the stability of the current wholesale market.
We aim to be as transparent as possible, and we accept that our prices have increased in the past but cannot see any reason for this years’ rises.
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.