What is an annual statement?
Ofgem, the regulating body behind energy, introduced annual statements on 1 July 2010 to give customers more power over their bills.
Unlike your monthly or quarterly statements, an annual statement gives you an overview of your total energy use and how much you’ve spent over the course of a year, regardless of seasonal fluctuations.
You get one for electricity and a separate one for gas.
An annual statement is helpful
Annual statements make it easier for you to compare tariffs, so you can get the best deal on your gas and electricity. It’s good to think of it as a yearly reminder to check that you’re not paying too much for your energy.
Your annual statement will give you all the details you need if you ever want to compare the tariff you're on with another (from OVO or any other supplier). And it also tells you whether you could be on a cheaper OVO tariff.
Important info on an annual statement
Ofgem says that an annual energy statement must include:
- The name of your tariff – you need this to accurately compare and find cheaper energy deals.
- How much energy you've used in the past 12 months – this is in kWh (unless you've been with your energy supplier for less than 12 months). This is crucial for comparing different tariffs.
- Personal Projection – this is the amount you’d pay if you stayed on the same tariff, your tariff stayed the same (e.g. no price rises or price cuts) and if you carried on using the same amount of energy.
- Key contractual terms – this will include the specifics of things like exit fees and moving home.
- Details of any premiums or discounts – this explains the details of things like our online account management discount.
- A reminder that you can switch your gas and electricity supplier – you shouldn’t pay more than you have to for your energy. That’s why our annual statement clearly says: ‘Remember – it might be worth thinking about switching your tariff or supplier.’