Company cuts prices on its New Energy tariff for new and renewing customers by 5%.
Ovo Energy has announced that it’s reducing the price of its dual fuel New Energy fixed tariff by 5%. The discount is available for both new customers and existing customers who are due to renew.
The reduction is effective from today and Ovo claims it means an average UK household on the New Energy tariff will pay £1,060.77 a year. This compares to £1,194 on comparable tariffs with the so-called ‘Big Six’ suppliers.
Ovo says falling wholesale energy costs are behind its price reduction.
In November, it cancelled plans to increase prices for its variable rate customers, again due to a drop in wholesale prices.
Ovo’s move follows a price reduction from Co-operative Energy in December, when it said it would cut bills by an average of 3%.
Consumer Focus estimates that the average energy bill has risen by 14% since last summer.
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