4 per cent price drop for prepayment energy customers
25 January 2016
Price drop representing a £48 saving per year, making OVO the cheapest Pay As You Go supplier on the market Standing charges reduced for gas and electricity
OVO today announces a reduction to its Pay As You Go energy prices following a downturn in wholesale commodity costs for gas. The move sees a 4% drop to the supplier’s variable PAYG tariff resulting in an average saving of £48 per year. Following the price change, which goes live on 9th March, OVO’s headline price for a dual fuel customer on its PAYG energy tariff will be £1,054 (down from £1,102).
As part of this price decrease, OVO has reduced and aligned its annual standing charges from £116 (gas) and £126 (electricity) to £85.50 (pre VAT).
Following this move, OVO will offer the cheapest prepayment dual fuel tariff on the market, which is, on average over £100 cheaper than the average Big Six PAYG Variable Tariff.
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 principles 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 price changes take effect at 00.01 on 09 March 2016.
For more information please contact
Camilla Rigby / T: 07713434250
Customers on a PAYG gas only tariff will benefit further, as the company drops gas prices by 21% resulting in an average saving of £100 per year. OVO’s price for a prepayment gas only customer will be £482.
Some customers could see their costs increase. Whilst the company has seen a reduction in wholesale electricity costs, an increase in social, environmental and renewable obligations, as well as network transmission and distribution charges has resulted in a rise of 11% on current PAYG electricity prices. OVO remains the cheapest dual fuel prepayment tariff on the market.