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OVO pricing principles

Discover all the important things about our prices and pricing.

How do you work out what to charge for gas and electricity?

We’re constantly watching wholesale prices, and what it costs to supply energy to your home, to see if we can pass any savings onto you. However, this also means that, sometimes, we have to put our prices up too. This cost reflective pricing sits at the heart of our promise to you – that your deal will always be fair, transparent and as competitive as possible.

Do you price match? 

No. We don’t offer ‘price matching’ (where we offer you the same price as another supplier), as we believe in treating all our customers fairly and offering everyone the same rates. 

Do you charge exit or termination fees? 

Yes. We charge exit fees on our fixed rate plans but not on our variable rate plan, Simpler Energy.If you want to find out if they apply to your plan, please check your contract. If it does include exit fees, you may be liable to pay these charges if you leave your fixed plan early, or downgrade your plan at any point during your contract. The amount will be £30 per fuel (including VAT). 

Why does OVO charge early exit fees?

We’ve always promised to give our customers the best price that we can, and we charge early exit fees to ensure that we can continue to do this.

When customers join OVO on one of our fixed plans we buy their energy for the year in advance. However, not knowing whether customers will stay with us for the full length of their contract and use the energy we’ve bought for them creates uncertainty for us.

If a customer chooses to leave us before the end of their contract, we’re left with unsold energy, so we’ve had to protect ourselves against these possible losses by raising our prices.

To make sure we’re always able to offer our customers the very best deal we can, we charge an early exit fee for all customers that choose to leave our fixed plans before the end of their contract.

 

What happens if your prices change?

When we change our prices, we do our best to make sure you hear about it by updating our website.

If you’re on a fixed tariff (Better Energy or 2 Year Fixed Energy), it doesn’t matter whether wholesale market energy costs rise or fall – your unit prices and standing charges will stay the same for the duration of your plan. 

If you’re on a variable tariff (Simpler Energy), your energy prices might rise or fall with the wholesale market but we’ll always give you at least 30 days’ notice if it’s a prince increase, so you can switch to a fixed tariff if you want to.

If you’ve got an EV bundle or Green Energy add-on, a rise or fall in wholesale energy prices won’t affect them, as they’re priced separately to our plans. However, their prices still could change for different reasons – please see the Green add-on T&Cs and EV bundle T&Cs to find out more.

Related FAQs

Switching to OVO

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Payments

Find out everything you need to know about Direct Debits – and every other way to pay.

OVO tariffs explained

Get the lowdown on all our plans.

When was your last price increase or decrease? 

Our most recent fixed price change was an -11.1% decrease for customers on our Better Energy Plan and an -8.7% decrease for customers on our 2 Year Fixed Energy Plan at 00.01am Friday 2 March 2018 . 

These changes affected all new and renewing customers, signing up or re-fixing, on any of our fixed plans (Better Energy, Greener Energy or 2 Year Fixed Energy).

On 21st November 2016 we announced that we were increasing our Simpler Energy (variable) tariff rates with effect from 00.01am Tuesday 10th January 2017 due to a steady increase in wholesale commodity costs. These changes only affect customers who’ve chosen or rolled onto our variable rate plan (Simpler Energy). To see our unit rates click here

What does it mean for me if your prices change?

It doesn’t matter whether wholesale market energy costs rise or fall – your unit prices and standing charges will stay the same for the duration of your fixed plan.

We’re as honest and open as possible about our prices. We do our best to keep them low and stable, but sometimes wholesale market energy prices change so much that we have to change our prices too. We might also have to change our prices because of changes in the law or because some of our other costs have gone up.

When we change our prices, we do our best to make sure you hear about it by updating our website.

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, 3-5% 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 20/3/2018, 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 22/11/2017, but may go up or down.

3Pay Monthly Savings claims: Saving based on the estimated annual cost of Simpler tariff for a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying monthly in advance by direct debit, including online discount. Comparisons made against the average of the Big 6 standard variable tariffs with equivalent features. All rates correct as of 20/3/2018.“The Big 6” are British Gas, Scottish Power, SSE, Npower, E.ON and EDF.

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.

OVO Interest Rewards: Interest Rewards are paid on credit balances of customers paying by monthly Direct Debit. It is calculated at 3% in your first year, 4% in your second year and 5% in your third year (and every year thereafter) if you pay by Direct Debit. Interest Rewards are paid monthly based on the number of days you’re in credit and the amount left in your account after you’ve paid your bill. Full terms apply: https://www.ovoenergy.com/terms

95% of new customers save when switching to OVO: Savings based on the average estimated annual costs for all new OVO customers quoted through the OVO website, compared to their current supplier and tariff. Comparisons taken between 01/05/2016 and 11/10/16. Incl VAT.

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.

uSwitch's Energy Supplier of the Year 2017: 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.

* EV - Everywhere, full terms and conditions: https://www.ovoenergy.com/ev-everywhere/terms

* OVO SolarStore (Beta), full terms and conditions: https://www.ovoenergy.com/ovo-solar-store/terms

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PAYG unit rates

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