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What are exit or termination fees? Does OVO charge them?

An exit or termination fee is a charge made by a company if you want to end a contract early.

Exit fees aren’t just charged on energy contracts; they’re also included in mortgage or loan agreements, or any other kind of contract with a set length.

At OVO, we now charge exit fees on some of our fixed plans. 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) – so you might have to pay us £60 because you’ve changed your mind.

In case you’re not sure, our fixed plans are Better Energy, Greener Energy & 2 Year Fixed Energy.

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 contact 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. 

If you’re on our Simpler Energy, Smart PAYG+ or Traditional PAYG plans 

There are no exit fees if you decide to leave our variable rate plans at any time, as you’re not tied into a fixed contract.

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