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Pricing Statement, 21st November 2016

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.

----ENDS----


For more information please contact


Rob Jeffery| 07415 702 472| robert.jeffery@ovoenergy.com

 

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.

O​VO​ 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 06/06/2017, 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 06/06/2017, but may go up or down.

3Pay Monthly Savings are based on the average estimated annual costs for new PAYM 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 03/11/2016 and 06/06/2017. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location. 

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.

3% interest: Calculated at 3% per year for customers paying by advance direct debit.  The OVO Interest Reward is paid monthly based on   number of days in credit and the amount left in your account after you’ve paid your bill,  and the credit balance on which you can earn the OVO Interest Reward is capped. Terms apply: http://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.

Britain's top rated energy provider: Britain's top rated energy provider in the Which? 2015 satisfaction survey. Survey conducted in October 2015. Awarded in January 2016.

uSwitch's Energy Supplier of the Year: 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.

Which?: Achieved the highest score of 78% in the Which? Satisfaction Survey conducted in September and October 2016.

Pay Monthly unit rates

PAYG unit rates

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