OVO Energy is British-owned and privately backed, with its headquarters in Bristol. OVO Energy supplies gas and electricity to domestic customers since 2009.[2] This sector of the UK economy is dominated by a number of larger companies known as the Big Six.[3]
OVO''s aim is to move away from gas and help create an energy system driven entirely by renewable generation to decarbonise homes and power them with renewable energy. It partnered with multiple both large and small-scale renewable generators, including: Orsted [2021], Ambition Community Energy, Genatec, St Fergus Energy Park and Atrato Onsite Energy plc [2023].
Plan Zero [4] is OVO''s response to the climate crisis. The three areas of focus include: Climate, Customers, and Culture. It outlines OVO''s path to decarbonisation with a 2035 net-zero target. Since 2018, OVO has seen an over 50% reduction in operational emissions. OVO has committed to limiting its carbon offsetting to just 10% of its total emissions.[5]
Electricity supplied by OVO Energy comes directly to homes from the National Grid. As with all electricity this means it comes from various sources like wind, solar, natural gas and nuclear. In 2023 OVO stopped selling 100% renewable energy tariffs purely backed by renewable energy certificates known as REGOs [6] OVO provides an add-on that allows customers to get 100% renewable electricity backed by power purchase agreements. [7]
OVO''s "pay as you go" product has been branded as Boost since 2017. After taking on customers from Economy Energy in 2019, the brand had around 350,000 customers.[8]
OVO Energy sources its gas from the national grid.[9] The majority of the UK''s gas is sourced from the North Sea; the rest comes from Norway, Continental Europe and some from further afield. Increasingly, gas is imported as liquefied natural gas (LNG), natural gas cooled to about −165 °C (−265 °F) and compressed to make it easier to transport.
OVO launched OVO Solar [10] in 2023. This offered customers solar photovoltaic (PV) panels, batteries, inverters and a Smart Export Guarantee (SEG) rate.
Power Move: This challenges customers to move their non-essential electricity to a different time of day, and only use 12.50% or less of your electricity during peak hours of 4pm to 7pm, Monday to Friday. It allows customers to earn money off their energy bill when they complete this challenge. [11]
Heat Pumps:[12] Working in partnership with Heat Geek, OVO are offering Heat Pump Plus - this gives customers a rate of 15p per kWh, a cheaper alternative to gas boilers.
Corgi:[13] In 2017 CORGI HomePlan became part of the OVO group. They''re a boiler and home emergency provider in the UK, that currently provide their services to more than 165,000 customers.
OVO Beyond: [14] This is an exclusive app for OVO customers, allowing them to manage their energy and get personalised tips, exclusive offers and advice.
Charge Anytime: [15] This allows customers to charge their EV from their home, accessing cheaper rates than they would in public (by charging your car at the cheapest times possible).
Spark Energy:In November 2018, OVO acquired one of its rivals, Spark Energy, after the troubled supplier ceased trading.[16]
The 2018 acquisition of Spark Energy included a subsidiary, Home Telecom Limited, which specialises in providing telephone and broadband services to tenants of private landlords.[17][18]
Bonnet:On Friday 24th November, London, OVO announced that it had successfully completed the acquisition of public EV charging consumer app Bonnet. It allows EV drivers to have access to over 27,000 chargers at 7,000 locations. EV drivers can locate, use and pay for public charge points without switching between different cards or logins.
Mitsubishi Corporation:On 14 February 2019, Mitsubishi Corporation bought a 20 percent stake in OVO, valuing the company at £1bn.[26]
The entry of OVO into the UK supply market in 2009 was welcomed as it increased competition in a market that had been criticised for high prices.[27][28]
In October 2013, OVO''s Founder Stephen Fitzpatrick appeared at the Energy and Climate Change Select Committee, when energy companies were asked to justify recent gas and electricity price rises. Fitzpatrick explained to the committee that the ''wholesale gas price had actually got cheaper'', contrary to the Big Six energy suppliers'' assertions that international global prices of gas and electricity had consistently risen.[29]
Following the collapse of Economy Energy in January 2019, regulator Ofgem announced that OVO Energy would take on Economy Energy''s 235,000 customers.[30]
In October 2021, OVO Energy took over sponsorship of Glasgow''s entertainment and multi-purpose indoor arena, which was rebranded as the OVO Hydro.[34] OVO Live allows customers to get access to ticket presales, VIP queue-jump entry, and VIP lounges at OVO Hydro Glasgow and OVO Arena Wembley.
Stacey Cartwright was appointed as chair of the retail board at OVO Energy in April 2020. She holds other directorships including at Savills, Genpact and the Football Association, and was deputy chair at retailer Harvey Nichols.[35] Non-executive directors include Jonson Cox, chair of water regulator Ofwat.[36][37]
In January 2020, OVO Energy agreed to pay £8.9m into Ofgem''s voluntary redress fund, after an investigation by Ofgem found instances of undercharging and overcharging, and inaccurate annual statements sent to more than half a million customers between 2015 and 2018.[38] Head of Ofgem enforcement, Anthony Pygram, said "The supplier did not prioritise putting these issues right whilst its business was expanding."[39]
In March 2021, as part of a wider investigation into price protection failings by energy suppliers, OVO''s practices were found to have caused detriment to 240,563 customers totalling over £2m, and the company was required to pay redress of over £2.8m – the highest amount of compensation among the 18 companies investigated.[40]
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