Ovo Energy has been appointed by Ofgem as the new supplier for Economy Energy customers

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Supplier: Customers of the now defunct Economy Energy will be moved onto Ovo Energy


Ovo appointed by regulator as new supplier for 235k Economy Energy customers after company ceased trading earlier this week

  • Ofgem announced Ovo Energy will take over as supplier for Economy Energy’s 235k customers 
  • Ovo will honour all outstanding credit balances for Economy customers 
  • Energy supply will continue as normal when switch takes place on 12 January 

Grace Gausden For This Is Money

Ovo Energy has been chosen by Ofgem as the new supplier for Economy Energy’s 235,000 domestic customers.

The energy regulator said it had completed a competitive process in order to obtain the best possible deal for customers.

Ovo Energy will honour all outstanding credit balances for Economy Energy’s customers, including money owed to both existing and former customers of Economy Energy, and confirmed it will be offering them a competitive tariff.

Supplier: Customers of the now defunct Economy Energy will be moved onto Ovo Energy

Supplier: Customers of the now defunct Economy Energy will be moved onto Ovo Energy

Warm Home Discount customers – those living in fuel poverty who receive financial support from energy companies – who have already been approved by Economy Energy will continue to receive their payment from Ovo Energy.

The supplier has also agreed to absorb all of the costs of honouring customers’ credit balances and the migration of customers.

Energy supplies will continue as normal for existing customers as they switch over to Ovo Energy on Saturday 12 January.

Customers with prepayment tariffs are able to continue topping up their meters as they have done previously with Economy Energy and will be contacted about this by Ovo Energy’s prepayment brand, Boost.

For those who wish to change their tariff or switch supplier, they should ask to be switched to another Ovo Energy tariff – or shop around to find a suitable alternative.

Ofgem confirmed that if customers do decide to switch, they will not be charged exit fees.

All Economy Energy customers will be contacted in the coming days about the changes. 

Ofgem’s director for future retail markets, Philippa Pickford, 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.’ 

Before Economy Energy ceased trading, it was ordered by Ofgem to stop taking on new customers until it improved its customer service. 

It is the latest in a number of small energy suppliers that have exited the market in recent times, including Extra Energy, Spark Energy, Future Energy, National Gas and Power, Iresa Energy, Gen4U, Usio Energy and One Select. 

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