28 APRIL 2015: After a small downturn in wholesale commodity costs over the past month, OVO Energy will be decreasing prices by 1.5%, representing a saving of £14 a year*.
The move will affect new and renewing customers only, on OVO’s 12 month pay-monthly fixed tariffs (Better Energy and Greener Energy). Renewing customers will save around £44 on the price at which they joined OVO this time last year**, and new customers will save around £200 against an average Big Six Standard Variable Tariff today***.
Following the price drop OVO’s price for a dual fuel customer will now be £954****.
OVO reviews its prices on a regular 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.
The decrease takes effect at 00.01 on 28 April 2015.
For more information please contact: Shula Smith, Corporate Affairs, OVO Energy – [email protected]
OVO operates using a cost reflective pricing model meaning the prices it charges broadly reflect the natural movement of the cost of supplying energy. This means prices can go up as well as down. OVO is always honest and transparent about its price changes and the reasons behind them.
Today’s price decrease is on OVO’s fixed pay-monthly Better and Greener energy plans. OVO’s Standard Variable Tariff (Simpler) will not change at this time. Only around 14% of OVO’S customers are on a Standard Variable Tariff - which is consistently ranked in the top five cheapest Standard Variable Tariffs in the UK - in comparison to 60-80% of Big Six customers .
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 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 27/04/2014 and based on a medium user (3200 kWh electricity, 13500 kWh gas). Inclusive of VAT.
The “Big Six” are E.ON, SSE, British Gas, Scottish Power, Npower and EDF.
Headquartered in Bristol, OVO Energy, the 10th fastest growing business in the UK, is one of the leading independent suppliers in the UK energy retail market. OVO was founded in 2009 by Stephen Fitzpatrick who set out to create a better energy company. Since entering the market in 2009, OVO currently has 460,000 customers and created over 750 jobs.
OVO’s guiding principles are simplicity, transparency and fairness in all of its operations: making the energy industry easier for consumers to understand and making sure prices reflect the actual cost of doing business so customers know they’re getting a good deal.
*Compared to our current average medium use non-Economy 7, better online.
**Using OVO’s cheapest non-Economy 7 tariff in April 2014 compared to OVO’s cheapest non-Economy 7 tariff on 28 April 2015 following today’s price drop. – this comparison looks at the average medium non-Economy 7 price between 09/04/2014 and 15/05/2014.
***OVO “Better” fixed tariff with effect from 27/04/15 for a non-economy-7, dual-fuel, medium user (3200 kWhs elec. and 13500 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 - cheaper tariffs may be available. Incl VAT. Actual savings may vary according to your current tariff, OVO tariff options, consumption and location. Savings made over a year. “The Big 6” are British Gas, Scottish Power, SSE, Npower, E.ON and EDF. You will have 14 days to cancel your contract
****£954 is the annual cost of OVO’s Better tariff for a dual-fuel medium user (3200 kWh electricity, 13,500 kWh gas) paying in advance by direct debit, including all available discounts and VAT, when averaged over the regions in which that tariff is available. Effective 27/04/15.
According to EnergyLinx and UK Power tables based on medium usage.