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Ovo Energy’s Ofgem Scrutiny and more in the news

By Energy Company Numbers on August 24, 2016 in News
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Getting to the latest news that matters about any subject can be difficult, but when it comes to our energy companies, it can be even harder. These are companies who provide the heat that keeps up warm, the electricity which keeps us fed and who’s rising or falling profits can mean the difference between saving one month and losing money the next. As such, we’ve brought together all the biggest Ovo Energy news from across the country into one place. Let’s take a look.

Ovo Energy Question Ofgem’s Scrutiny

Ovo Energy have joined a raft of other small energy providers in the UK to question proposals put forward by the energy regulator Ofgem. Last month, Ofgem proposed the creation of a “safety net” so that if a supplier went bankrupt whilst owing customers money, all the other suppliers would be made to share in the cost of reimbursing the money.

Ofgem say this would be an unlikely event, but that hasn’t stopped the likes of Ovo and Green Energy from calling upon Ofgem to reconsider, or at the very least introduce a raft of new “stress tests” for suppliers.

Doug Stewart, Chief Executive of Green Energy said that because companies are allowed to demand advance payment, a supplier could potentially keep offering incredibly low prices, acquiring new customers and covering its losses with those upfront payments. He suggested this model would be “not too far from a Ponzi scheme”

Stephen Fitzpatrick, Chief Executive at Ovo Energy joined in calling for much tighter regulation of who joins the energy market, saying “More competition is good for customers and we welcome the challenge, but we are quite concerned at the idea that Ofgem gives out licences to anybody who asks for them. It should be dramatically more rigorous.”

Brexit Means Price Increase for Ovo Customers

The Brexit vote has had all sorts of consequences, affecting everything from our national credit rating to house prices, but it’s also had an effect on our pockets – especially in regards to our energy companies.

Of the 15 energy suppliers in the UK, 12 have raised their prices since the Brexit vote, including Ovo, who have raised their prices by £63 per year – a fact which has driven many to the Ovo Energy contact number.

The reason for the price rise is because the UK is a net importer of energy, which means that sharp shifts in currency valuation affect the price we pay for imports. It was an eventually forewarned by the Remain campaign, who said it could mean price hikes of £20 per household, but with Extra Energy charging £105 more, that estimate has proven to be very conservative indeed.

Ovo Energy Make Big Templeback Move

Green energy supplier Ovo have made the latest move in their plan to become a leading energy supplier in the UK by signing a deal which will see them move into a 23,207 sq. ft space in Bristol’s Templebeck building.

Ovo Energy employ more than 900 staff at their Bristol HQ and a further 100 in a London office, but this new deal will mean that they have greater space to expand. Chris Houghton, CFO at Ovo said “OVO’s continued success relies on hiring and retaining the best people and providing them with high quality, environments in which to innovate and collaborate, and Templeback is a great space for us to nurture our talent.”

About the Author

Energy Company NumbersView all posts by Energy Company Numbers
Energy Company Numbers is a telephone number directory service dedicated to helping UK consumers keep in touch with their energy suppliers.

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