Ofgem appoints Ovo Energy to take on customers of Economy Energy
Press release
- Publication date
- Industry sector
- Supply and Retail Market
Ofgem has appointed Ovo Energy to take on supplying Economy Energy’s 235,000 domestic customers. This follows a competitive process run by Ofgem to get the best deal possible for customers.
Ovo Energy is offering Economy Energy’s customers a competitive tariff and will honour all outstanding credit balances, including money owed to both existing and former customers of Economy Energy.
Warm Home Discount customers who have already been approved by Economy Energy will continue to receive their payment from Ovo Energy.
Ovo Energy will absorb all of the costs of honouring customers’ credit balances and the migration of customers.
For existing customers, energy supplies will continue as normal as they switch over to Ovo Energy on Saturday 12 January.
Customers with prepayment tariffs can continue to top up their meters as they had done previously with Economy Energy. They will be contacted by Ovo Energy’s prepayment brand Boost.
Customers of Economy Energy will be contacted over the coming days about the changes. If customers wish to change their tariff or switch supplier they should ask to be switched to another Ovo Energy tariff, or shop around. Customers will not be charged exit fees if they decide to switch to another supplier.
Philippa Pickford, Ofgem’s director for future retail markets, said:
“I am pleased to announce we have appointed Ovo Energy, which will offer Economy Energy’s customers a competitive tariff for their energy. Their credit balances will be honoured and their energy supply will continue as normal.
“Ovo Energy has also agreed to absorb the costs of taking on these customers and outstanding credit balances, which means the extra costs will not fall on the industry or households.
“Ovo Energy will be in contact with customers over the coming days with further information. Once the transfer has been completed, customers can shop around for a better deal if they wish to.”
Economy Energy customers on a prepayment meter should wait for Boost to contact them and can find out more information by visiting: www.boostpower.co.uk/economy-energy, or contact them on switch@boostpower.co.uk or 0330 102 7428.
Economy Energy customers who pay monthly should wait for OVO Energy to contact them and can find out more information by visiting: www.ovoenergy.com/economy-energy, or contact them on switch@ovoenergy.com or 0330 102 7407.
More information for Economy Energy’s customers can be found on the Ofgem website.
Notes to editors
- Economy Energy’s customers will be supplied by Ovo Energy as of Saturday 12 January. Accounts will be fully set up over the coming weeks.
- Ovo Energy will be in touch with customers in the coming days. Any questions customers have should be directed to Ovo.
- Ovo Energy will honour the credit balances of current and former Economy Energy customers.
- Current and former customers who owe money, or are in debit to Economy Energy should wait to hear from Economy Energy’s administrators.
- Customers with direct debits should not cancel their arrangement, although if you have already done, Ovo Energy will contact you shortly to explain how they will set up your account.
- The cost of protecting customers’ credit balances will be met in full by Ovo Energy.
- Customers can find support and advice on the Ofgem website. Alternatively, if they need additional support, they can call Citizens Advice on 03454 04 05 06 or email them via webform, or get in touch through Ofgem’s facebook or twitter feed @ofgem
Further information
For media, contact:
Michelle Amos: 0207 901 1881
Media out of hours mobile: 07766 511470 (media calls only)
About Ofgem
Ofgem is the independent energy regulator for Great Britain. Its priority is to make a positive difference for consumers by promoting competition in the energy markets and regulating networks.
For facts, figures and information about Ofgem’s work, see Energy facts and figures or visit the Ofgem Data Portal.
For energy insights and updates straight to your inbox from Ofgem, please subscribe.