OVO is changing the price of its PAYM Simpler (variable) tariff.
Price change represents an average increase of £50 per year (or 5% overall) for dual fuel customers on OVO’s Pay Monthly Simpler (variable) tariff
Standing charges reduced for both gas and electricity
Gas only customers will see a decrease to their prices
21st November 2016: OVO today announces changes to its Pay Monthly Simpler (variable) tariff with effect from 10th January 2017. This is due to a steady increase in wholesale commodity costs for both electricity and gas.
The change will involve an 18% increase in our electricity unit rates. At the same time OVO is decreasing its standing charge by £10 per year on both gas and electricity to align our variable tariff to the rest of our Pay Monthly fixed tariffs².
This will result in an average increase of £50 per year for dual fuel customers.
Following the price change, OVO’s headline price for a dual fuel customer on its Pay Monthly Simpler tariff will be £1,054 (up from £1,004)¹. This remains cheaper than the average of the current Big Six variable tariffs.
Since 10th June, the forward price of gas has increased by 30% and electricity by 23%. 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 10 January 2017.
¹All workings are based on OFGEM annual average consumption for dual fuel customers. These may vary by region reflecting the cost of distributing energy to different regions.
²This is based on an average Big Six variable tariff of £1060.56 as at 17 November 2016.
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