London, 11 January 2019 – Ofgem has announced that it has appointed OVO Energy to take over the supply of energy to Economy Energy’s 235,000 customers.
The announcement comes amidst major change and rapid consolidation in the energy market with many suppliers struggling to adapt in tough market conditions. This week, Economy Energy became the ninth energy company to enter Ofgem’s Supplier of Last Resort process in the last 12 months.
As a well-established, reliable and independent supplier we are proud that Ofgem has chosen OVO Energy to step in and take on these customers.
In November 2018 Ofgem appointed OVO Energy to take over Spark Energy’s 290,000 customer accounts. Together with Economy Energy’s 235,000 customers and CORGI HomePlan this now takes OVO’s retail customer base to 1.5 million.
Committed to prioritising the delivery of a seamless transition for Economy Energy customers onto its own platform, OVO Energy will be honouring all outstanding credit balances including refunds due to customers who have left Economy Energy. OVO Energy has also committed to paying the Warm Home Discount to all eligible Core Group and Broader Group customers.
Crucially, OVO has committed to funding all credit balances, Warm Home Discount payments and any other transition costs entirely independently, waiving the right to access any Last Resort Supply Payments.
OVO has been at the forefront of the smart meter rollout and developing smart home propositions. Combined with its excellent track record in customer service OVO will be offering Economy Energy customers access to the benefits of all its products and services.
Specifically, with over two thirds of Economy Energy’s customer base on prepayment meters OVO is well equipped to seamlessly transition them onto Boost, OVO’s prepayment offering brand tailored specifically for pay-as-you-go customers. Economy Energy prepayment customers will have access to Boost’s innovative products such as PAYG+, the first top-up and account management app in the UK prepayment market, and Winter Wallet, which enables customers to better budget for their winter energy costs and receive 5% interest on their credit.
Above all, Economy Energy customers will continue to receive uninterrupted energy supply as they transition to OVO’s systems and be fully supported by OVO and Boost customer services.
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.
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.
An OVO spokesperson commented:
“This is a good outcome for Economy Energy customers who have had an uncertain few weeks. We are very pleased to welcome these customers to OVO.
“If you are an Economy Energy customer, please wait for us to contact you once your new account has been set up.”
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Note to editors:
OVO is the UK’s largest independent energy technology company and supplier. Across the group, OVO serves more than 1.5 million customers with intelligent energy services and other home services. Founded in 2009 by Stephen Fitzpatrick, OVO redesigned the energy experience to be fairer, greener and simpler for all. Today OVO is no longer simply an energy retail business: it is group of innovative, dynamic companies, all striving to harness technological advances with great consumer propositions to deliver affordable, clean energy to everyone.
Boost is a dedicated prepayment energy brand founded on the belief that customers want the freedom to top up their energy when and where they’d like. Introduced by OVO in 2017, Boost is an evolution of OVO Energy’s Smart PAYG+, the first truly smart prepayment platform in the UK, removing the need for inconvenient card or key top-up systems, and instead letting customers add credit through a smartphone app linked to a smart meter. Boost offers the same game-changing technology and unparalleled levels of customer service expected from an OVO brand, with a fresh new look for customers.