Ovo Energy, one of the smaller energy companies, has offset an increase in its electricity costs with a surprise reduction in gas prices.
The price changes are now in effect for both its energy tariffs – Ovo ‘New Energy’ and Ovo ‘Green Energy’ – and equate to only marginal price differences for dual fuel customers.
Ovo New Energy customers will continue to pay an average of £1,050 a year, while Green Energy customers will pay around £1,102, an extra £2.
The move bucks the trend of the larger energy companies, four of which have announced blanket price increases of between 10% and 19% for gas and electricity. Which? research shows that rising energy prices are consumers’ number one financial concern.
Ovo Energy is a relative newcomer to the market, launching in September 2009 and promising simple and easy-to-understand energy tariffs. It topped our latest customer satisfaction survey of energy companies with a score of 77%, sharing the top spot with Utility Warehouse – and trouncing all of the bigger companies.
Another small energy firm, Good Energy, announced a 9% increase in gas prices earlier this month – but pledged to keep electricity costs the same until 2012.
‘Big six’ energy price rises
Energy price hike season for the ‘big six’ companies, meanwhile, is in full swing – with four raising gas and electricity rates over the past few weeks:
- Scottish Power was the first to announce price rises of 19% for gas and 10% for electricity.
- On 8 July British Gas announced an 18% increase in gas and a 16% increase in electricity.
- Scottish and Southern followed suit with rises of 18% for gas and 11% for electricity.
- Eon was the fourth of the big six to raise prices – gas prices up by 18.1%, electricity by 11.4%.
Check your energy options, and see if you can find a better deal, with Which? Switch, the independent, not-for-profit energy comparison service from Which?. See our energy price rise Q&A for more guidance.
Lower your gas and electricity bills
You can compare energy prices and switch to a new gas and electricity supplier on Which? Switch. People who switched with us between 1 October and 31 December 2013 are predicted to save an average of £234 a year on their bills.
Which? RSS and Twitter news feeds
For daily consumer news, subscribe to the Which? consumer news RSS feed. If you have an older web browser you may need to copy and paste http://www.which.co.uk/feeds/news.xml into your newsreader.
Follow @WhichNews on Twitter for the latest news, or @WhichAction to see how we’re campaigning for consumers.