New Energy + Ovo Just Reward is cheapest fixed price energy plan

Independent supplier, Ovo Energy has thrown down the gauntlet to the big six energy firms

Ovo's new plan is the cheapest fixed tariff on the market

Ovo’s new plan is the cheapest fixed tariff on the market

Ovo’s latest tariff, the 12 month New Energy + Ovo Just Reward, gives customers paying by direct debit a 5% reduction as well as more flexibility regarding when their bills are paid.

The plan costs the average dual fuel user £1,175 per year, which makes it £3 per year less expensive than E.ON’s Energy Fixed 1 year and First Utility’s iSave Fixed v12 June 2015.

Ovo’s new plan does, however, carry an early exit fee of £30 per fuel, as does First Utility’s iSave Fixed v12 June 2015. E.ON’s offer caries a much lower £5 per fuel cancellation fee.

‘Consumers and the market are waking up’ to small suppliers

Tom Lyon, energy expert at uSwitch, said: “The spotlight is now firmly on small suppliers as consumers and the market are waking up to the impact they could have on competition. There is still some reluctance from some consumers, but by offering attractive deals and making it clear that they are now part of the landscape small suppliers are definitely winning more and more over.

“The more that can be done to educate consumers about the benefits of shopping around and to give them the tools and the confidence to do so, the more likely they will be to engage. Competition will spark and consumers should start to see the benefits – fairer prices, better products and service and costs and inefficiencies driven down.”

Best buy table

Supplier

Plan Name

Price

Spark Energy

Advance 2

£1,116

Ovo Energy

New Energy + Ovo Just Reward

£1,175

First Utility

iSave Fixed v12 June 2015

£1,178

E.ON

E.ON Energy Fixed 1 Year

£1,178

npower

Price Fix April 2015

£1,202

EDF Energy

Blue+Price Promise April 2015

£1,209

Source: uSwitch.com

Based on a medium user consuming 3,300 kWh of electricity and 16,500 kWh of gas on a dual fuel tariff, paying by monthly direct debit with bill averaged across all regions.

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