Ofgem statement on Ovo Energy

Press release

Publication date

Industry sector

Supply and Retail Market

"Ofgem wants to see customers' money in their pockets rather than languishing as surpluses in energy suppliers' bank accounts. We already have detailed rules to make sure that suppliers set direct debits at the right level and surpluses are refunded.

"The last thing we want to do is stop deals which truly benefit consumers. We are not banning Ovo's offer of a 3% interest on balances. Our reforms to deliver a simpler, clearer and fairer market are flexible and allow deals such as Ovo's where they are in consumers' interests. We are currently working with Ovo on this issue to ensure that this offer stays within our framework to protect consumers, and in the meantime we have no intention of stopping Ovo from continuing to pay interest on balances."

-Ends-

Notes to editors:

  1. About Ofgem

Ofgem is the GB energy regulator.  Everything we do is aimed at making a positive difference for consumers.  For more information on Ofgem please see our website at www.ofgem.gov.uk

For further press information contact:

Chris Lock: 020 7901 7225
Lisa O’Brien: 020 7901 7426
Dafydd Wyn: 0203 263 9943

Out of hours media contact number: 07766 511470