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OVO price changes in 2024

Wholesale energy price fluctuations mean that the prices energy suppliers charge customers can go up or down throughout the year. What price changes can customers expect from OVO throughout 2024?
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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.

Time periodPrice cap levelEnergy Price Guarantee levelOVO standard variable price
April 2019 - October 2019£1,254N/A£1,254
October 2019 - April 2020£1,179N/A£1,177
April 2020 - October 2020£1,162N/A£1,162
October 2020 - April 2021£1,042N/A£1,042
April 2021 - October 2021£1,138N/A£1,138
October 2021 - April 2022£1,277N/A£1,276
April 2022 - October 2022£1,971N/A£1,970
October 2022 - January 2023£3,549£2,500N/A (SVT capped at £2,500 under EPG)
January 2023 - April 2023£4,279£2,500N/A (SVT capped at £2,500 under EPG)
April 2023 - July 2023£3,280£2,500N/A (SVT capped at £2,500 under EPG)
July 2023 - October 2023£1,976£3,000£1,975
October 2023 - January 2024£1,834£3,000£1,830
January 2024 - April 2024£1,928£3,000£1,928

Highlighted rows denote the periods where the Energy Price Guarantee was subsidising customers' energy bills.

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.

Run an energy comparison

Enter your postcode below to compare energy prices and get started on your energy switch.

Which energy suppliers have changed their prices in 2024?

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

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.

Read more:

OVO Energy Logo

OVO Energy Supplier Reviews, Prices & Tariffs - Uswitch

The Uswitch guide to OVO Energy in 2024, with up-to-date information about price changes, customer reviews, and general supplier information.

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Energy prices by region - Uswitch

Did you know your postcode determines your energy bills? Find out which areas in the UK are the cheapest and the most expensive in terms of energy pricing.

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What is Ofgem's energy price cap 2024? - Uswitch

Information on the energy price cap set by Ofgem at a level of £1,690 for standard variable tariff customers from April to July 2024.

Learn more