3 MARCH 2015: Following an upward shift in wholesale commodity costs, OVO Energy today announced a 5.2% (£48) price increase on its 12-month fixed tariffs (Better Energy and Greener Energy). The move will affect new and renewing customers only and is largely a reflection of a 10% uplift in gas and 6% uplift in power costs caused predominately by political unrest in Ukraine since OVO’s last price drop in January.
Following the pricing change, OVO’s price for a dual fuel customer will now be £968 .
Renewing customers are still expected to save around £73 on the price at which they joined OVO this time last year and new customers will still save around £200 against an average Big Six Standard Variable Tariff today .
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 company has dropped prices eleven times in 18 months , including most recently a reduction of 5.5% to its Fixed Tariffs in January. This is its second increase during that time.
All new and renewing customers will benefit from no exit fees and 33% renewable energy as standard. OVO has recently scrapped exit fees and increased the amount of renewable energy in its standard tariffs as part of its on-going commitment to delivering the best possible customer experience.
The increase takes effect at 00.01 on 03 March 2015.
For more information please contact:
Shula Smith, Corporate Affairs, OVO Energy – 07863342317 / firstname.lastname@example.org
* Renewable power is generated from wind, solar, geothermal, wave, tidal, hydro, biomass, landfill gas, sewage treatment plant gas and biogas. OVO does not yet offer ‘additionality’ with this tariff.
**UK average for 2013-2014 was 16.7%. Figures obtained from Department of Energy and Climate Change (DECC)
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 450,000 customers and created over 800 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.
OVO dropped its prices by 5.5% on 15th January on its 12-month fixed tariffs – Better Energy and Greener Energy
£968 is the annual cost of OVO’s Better tarifffor 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 03/03/2015.
Using OVO’s cheapest non-Economy 7 tariff in January 2014 compared to OVO’s cheapest non-Economy 7 tariff on 03/03/2015 following today’s price drop. – this comparison looks at the average medium non-Economy 7 price between 23/12/2013 and 13/02/2014.
OVO “Better” fixed tariff with effect from 03/03/2015 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
- 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.
OVO has dropped its fixed prices nice times and its variable three times in the past 18-months
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% 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 24/1/2018, 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 OVO Two year fixed 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 06/2/2018.“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