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OVO price changes in 2023

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 2023?
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OVO price rises in 2023

OVO’s prices on standard variable tariffs are subject to the Ofgem energy price cap, which limits the amount that suppliers can charge per unit of energy.

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 will be £2,074 from July 2023. Because this is under the EPG’s £2,500 level, the price cap will come back into force from July, and the EPG will increase to £3,000 and continue to be available in the background if needed again.

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£2,074£3,000TBC

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). Usually, you’d be able to switch to a fixed deal, but this isn’t possible at the moment due to suppliers pulling the vast majority of fixes from the market. However, it’s possible that, with prices falling, fixes will be back soon. Confirm your details with Uswitch below so you’re ready to act as soon as deals return.

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Which energy suppliers have changed their prices in 2023?

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

Read more:

OVO Energy Logo

OVO Energy Supplier Reviews, Prices & Tariffs - Uswitch

The Uswitch guide to OVO Energy in 2023, 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 2023? - Uswitch

Information on the energy price cap set by Ofgem, set at £1,834 from October until January 2023.

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