OVO Energy operates on a principle of cost reflexivity, meaning that prices will always reflect the actual cost of doing business. With the wholesale price of gas having fallen by 9.5% this winter, OVO has been able to pass on savings worth more than £100 to customers since September.
Rather than locking in high prices through freezing tariffs, challenger brand OVO is now calling on the Big Six to adopt transparent, price reflective tariffs to ensure customers get a fair deal.
Stephen Fitzpatrick, founder and managing director, OVO Energy said: “Competition works. It is the best chance we have of bringing down bills, but we need a better market to make that possible.
“Fair, transparent pricing will help consumers to trust the energy market again. That means when wholesale prices fall, customers shouldn’t see prices being frozen, they should see them falling. Lower wholesale costs and recent government policy changes have mean that the cost of energy is lower now than it was 12 months ago. Bills should be too. “