What are variable rates?

If your energy plan, tariff or contract is ‘variable’, your standing charge and the price you pay for your energy can fluctuate with wholesale energy prices.

Variable rates are available with our Simpler Energy plan, Smart PAYG+ or Traditional PAYG.

If you choose variable rates, your energy prices can go either up or down, according to what the wholesale market is doing. 

If wholesale prices rise, we have to pay more for the energy we buy on your behalf. If you’re on a variable rate plan, we pass that price rise on to you so you’ll pay more for your energy.

Rest assured, we’ll always give you at least 30 days’ notice about price changes, so you can choose to switch to a fixed tariff and save some money if you prefer. 

Variable plans have no fixed term at all, so you can leave (or upgrade to a fixed rate plan) whenever you want, with no exit fees or termination charges.

Can I choose whether I join OVO on a fixed or variable plan?

If you’re happy to pay us monthly in advance by Direct Debit, you can choose either a fixed plan (Greener, Better or 2 year Fixed) or our variable plan (Simpler).

If it’s better for you to Pay As You Go (PAYG) with a prepayment meter, you can choose from a range of plans, depending on whether you’ve got a smart or traditional meter.

If you want a variable rate plan, choose Smart PAYG+ or Traditional PAYG. Then you can be flexible with your energy without being tied into a contract for a fixed amount of time.

I’m on a fixed rate plan – can my rates change?

Variable rates are only available with variable plans. If you’re on an OVO energy fixed rate plan – Better Energy, Greener Energy and 2 year Fixed Energy – we agree and fix your rates at the start of the year and guarantee they won’t change, no matter what happens to wholesale prices. 

Can I still get the online discount on a variable plan?

Yes – you can get a discount of £2.50 per fuel each month as long as you manage your account online. That means using My OVO or our OVO energy app to send us meter readings, view your statements, update your details and so on. You’ll find full details here.

I’m on a variable rate plan – if my rate changes, will my Direct Debit payment rise too?

Not necessarily. If you’ve got plenty of credit on your OVO account, we won’t need to put up your monthly payment straight away. However, if you eventually fall into a debit balance, we will probably raise your Direct Debit payment at that stage.

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