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.
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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.
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