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OVO joins the great energy price hike

Patrick Christys
Mar 1, 2019

Another major energy firm has joined in with the great price hike.

OVO is increasing energy bills for 160,000 customers by £112 a year from April 1st.

This is a 10% rise and will increase bills in real terms from £1,137 to £1,249.

A Spokesman Said has already reported on E.on, EDF Energy, Npower, British Gas and Scottish Power increasing prices after energy regulator Ofgem increased the price cap.

But, OVO isn’t adopting quite an overtly money-grabbing, profit-lusting, profit-giddy approach as those larger firms - their price hike doesn’t quite take them to Ofgem’s maximum amount.

The supplier blames the increase on rising wholesale costs - the price that energy companies pay for gas and electricity - but comes as energy supplier Bulb has announced a bill cut due to falling costs.

A spokesperson for Ovo added: "The company is making these changes because the cost of commodities has increased substantially over the past year and we are increasing our prices to remain sustainable and responsible.

"All of our variable tariff prices will always be within the price cap, so customers will always have this safety net in place to ensure they’re paying a fair price for their energy - it’s an idea we’ve supported from the start."

The Big Six energy firms have been accused of running a "cartel" after they ALL hiked prices to the same amount.

It comes as research published today has found that mental health sufferers pay up to £1,550 EXTRA each year for energy, broadband and household bills.

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