19 OCTOBER 2015: After a small downturn in wholesale commodity costs over the past month, OVO Energy will once again be decreasing prices. Today’s 1.7% drop represents a saving of £14 a year.
This is OVO’s 7th price decrease in 12 months, during which time the independent supplier has been (on average) 19% cheaper than the average Big Six Standard Variable Tariff.
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 £79 on the price at which they joined OVO this time last year, and new customers will save around £237 against an average Big Six Standard Variable Tariff today.
Following the price drop OVO’s price for a dual fuel customer will now be £857.
OVO reviews its prices on a regular basis and has a strong track record of cost-reflective pricing and passing back savings to customers whenever possible. These principle sit 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 19 October 2015.
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 22% 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 about 70% 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).
The “Big Six” are E.ON, SSE, British Gas, Scottish Power, Npower and EDF.