OVO price changes in 2024

Have OVO prices risen in 2024?

OVO’s prices on standard variable tariffs have increased once in 2024 in line with Ofgem's energy price cap.

The price cap level remained fairly stable for the first couple of years it was in operation because it is based on wider wholesale energy costs: the more it costs suppliers to buy energy, the higher the price cap was likely to be. However, when wholesale prices rocketed in the autumn of 2021, the price cap increased by a huge amount to reflect that. Unfortunately, with an increasing number of customers rolling onto standard tariffs as their fixed deals ended, these rising prices, which topped out at £3,549 in October 2022, were set to put millions under extreme financial pressure.

The government therefore introduced the Energy Price Guarantee, which acted as a second price cap and subsidised bills so that an average use household paying by direct debit would pay £2,500 per year. This has helped households over the worst of the price rises, and with wholesale energy prices now falling, Ofgem has announced that the price cap level would be £2,074 from July 2023. This meant the price cap came back into force - it lowered again to £1,834 in October 2023, but rose to £1,928 for the period from 1 January to 31 March 2024.

The table below shows how the price cap and Energy Price Guarantee have defined OVO's standard variable tariff prices over the years.

Can I do anything about OVO price rises?

If you’re on a standard variable tariff, your prices will rise and fall with the price cap (though it’s not a true cap because the more you use, the more you’ll pay and vice versa). There are limited fixed deals on the market to switch to, though. See what's available by entering your postcode to compare energy prices now.

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Which energy suppliers have changed their prices in 2024?

You can read about previous price changes from other suppliers below:

• British Gas

• EDF Energy

• E.ON Next

• Octopus

• ScottishPower.

Will OVO's prices rise in 2024?

The energy price cap is currently predicted to decrease for the period from 1 April to 30 June 2024. The new level will be announced at the end of February.

Find out more about OVO on Uswitch's dedicated OVO supplier page.