I’m an Ovo Energy customer – how will my prices change?
You’re only affected if you’re on Ovo’s standard variable tariff – called ‘Simpler Energy’. According to statistics from regulator Ofgem, about 160,000 customers are on this.
For the average standard variable domestic customer:
- If you get the online discount, prices for a typical gas & elec household will rise from £1,090/yr to £1,225/yr – an increase of 12.4%
- If you don’t get the online discount, prices are set to rise by 6.5%, from a typical 1,150/yr to £1,225/yr.
These estimates are based on typical annual consumption of 3,100 kilowatt hours of electricity and 12,000 kilowatt hours of gas.
How can I beat the hike?
There are no exit fees with Ovo’s standard variable tariff, so you can ditch and switch penalty-free at any point. If you’re on the tariff, you’re likely to be overpaying already. Switching to the cheapest deal on the market, at £859/yr, means you could save upwards of £360/yr based on typical use once the hike hits.
If you want to stick with Ovo, the firm has a cheaper tariff – its 2 Year Fixed Energy (online) tariff – fixed for two years at £1,150/yr, so you could save £75/yr.
Use our free Cheap Energy Club to do a full market comparison to find the best deal for you.
What does Ovo Energy say?
In the pricing statement on its website, Ovo said: “Ovo Energy will be increasing the price of its Simpler Energy tariff. Ovo Energy is committed to supplying clean, affordable energy to all our customers.
“Wholesale energy costs have risen by over 15% since June, as a result we’re increasing our variable plan rates and removing the online discount from our variable plan. We review our prices every week to ensure we’re giving our customers a fair deal that reflects the real cost of energy and continue to make all our decisions as if our ‘customer is in the room’ with us.”