Ovo cuts prices to become cheapest supplier on the market
Ovo Energy has today made a bid to win the hearts of fed-up energy customers by becoming the cheapest energy supplier on the market. It has cut the cost of its cheapest deal – Cheaper Energy Fixed – by £27 to £1,015 a year, allowing it to undercut its closest rival, Spark Energy at £1,025 a year.
The Valentine’s Day move now sees the best buy energy tables dominated by small suppliers. It also means that the cheapest deal on the market is fixed price, giving consumers the best of both worlds – a competitive price today coupled with price rise protection for tomorrow. The Ovo plan is fixed for 12 months with £30 per fuel exit fees.
However, the path to love may not be so smooth for some other small suppliers. While Ovo is decreasing its prices today, rival First Utility yesterday announced a 3.5% or £39 a year increase from the 1st April.
Tom Lyon, energy expert at Uswitch.com**, says:** “By making these changes today, Ovo is sending out a clear signal that it intends to woo consumers from the arms of the big six. By dominating the best buy tables smaller suppliers are making sure that consumers will give them more than a passing glance. They are positioning themselves carefully knowing that once a consumer checks them out it’s highly likely that their other attributes will draw them in.
“While the big six are struggling to rebuild tattered relationships, small suppliers are maximising the opportunity by offering fed-up, cash-strapped consumers attractive deals and a fresh start. This is what competition is all about and why it’s so important that people should be shopping around. With around £300 difference between the cheapest and most expensive tariffs on the market, plus the opportunity to fix prices for winters to come, it’s vital that consumers don’t sit back and lose out.”
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Ovo Energy
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Cheaper Energy Fixed
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£1,015
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Spark Energy
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Direct Debit Advance 3
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£1,025
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First Utility
|
iSave Fixed April 2015
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£1,028
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Co-operative Energy
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Fixed to 31 July 2015
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£1,077
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ScottishPower
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Online Fixed Price Energy February 2015 v3
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£1,081
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British Gas/Sainsbury’s Energy
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Fixed Price February 2015
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£1,092
| |
EDF Energy
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Blue+Price Promise June 2015
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£1,099
| |
npower
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Price Fix May 2015
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£1,107
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SSE
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1 Year Fixed Price (w/ paperless billing)
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£1,115
| |
Green Star Energy
|
Fix 24
|
£1,123
| |
E.ON
| | |
Notes to editors
See table in release above.
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