After a slight downturn in wholesale commodity prices and a small decrease in forecast network costs for gas , OVO Energy will be decreasing prices by 2.5% today. This is OVO’s 7th price decrease in 13 months, during which time the independent supplier has been (on average) 14% cheaper than the Big Six.
The move will affect new and renewing customers only, on OVO’s 12 month fixed tariffs (Better Energy and Greener Energy). Renewing customers will save around £122 on the price at which they joined OVO this time last year , and new customers will save around £213 against a standard Big Six tariff.
Following the price drop, OVO will be the 2nd cheapest energy supplier in the UK. OVO’s price for a dual fuel customer will now be £973 – around £213 (18%) cheaper than the standard Big Six tariffs.
OVO reviews its prices on a monthly basis and this price change largely reflects movement in the cost of supplying energy to its customers over time. This ‘cost reflective’ pricing sits at the heart of the company’s promise to customers that the deal they are getting from OVO will always be fair, transparent and as competitive as possible.
Jason Sharpe, MD at OVO:
“We work hard at OVO to keep costs down and we are committed to always offering our customers the best price we can. Customers know they’re getting a fair deal with us because our prices reflect the natural movement of costs – both up and down. Sometimes unfortunately costs go up, but when they go down, we’re very quick to respond. We’ve lowered our prices seven times since last October.”
The decrease takes effect at 00.01 on Thursday 6th November.
For more information please contact: firstname.lastname@example.org
OVO operates using a cost reflective pricing model meaning the prices it charges directly reflect the natural movement of the cost of supplying energy. This means prices can go up as well as down.
The price decrease is on OVO’s fixed Better and Greener energy plans.
Price comparisons are made using OVO’s cheapest non-Economy 7 dual-fuel tariff at the relevant time (including all available discounts, paying by direct debit in advance and averaged over all available regions) compared to an average of the Big Six’s standard variable dual-fuel tariffs (excluding online discounts, using a variety of payment methods including direct debit and averaged
over all available regions). All prices averaged over 52 weeks from 10/11/13 and based on a medium user (3200 kWh electricity, 13500 kWh gas). Inclusive of VAT. Data obtained from EnergyLinx on 03/11/14. The “Big Six” are E.ON, SSE, British Gas, Scottish Power, Npower and EDF.
Headquartered in Bristol, OVO Energy is one of the leading independent suppliers in the UK retail market. Since it entered the market in 2009, it’s grown to over 400,000 customers (or 720,000 accounts) created 600 jobs and is currently recruiting for 150 more.
OVO’s guiding principles are simplicity, transparency and fairness in all of its operations: make the energy industry easier for consumers to understand and make sure prices reflect the actual cost of doing business so customers know they’re getting a good deal.
OVO 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