News / bristol energy
Bristol energy supplier launches first energy deal below government price cap
OVO Energy has launched an energy deal for its customers which is below the government’s cap on household bills.
The national firm, whose headquarters are based on Temple Quay, has released a new fixed-12-month tariff of £2,275 for its existing customers.
While the government is limiting annual household bills to £2,500 as part of its Energy Price Guarantee (EPG) scheme – which stands at £225 more than OVO’s deal.
OVO Energy has launched an energy deal for its customers which is below the government’s cap on household bills – photo: Rachel Sutherland
The deal comes after a fall in wholesale gas prices – as reported in Energy Live News, as natural gas is used to determine the price of electricity
OVO Energy was first launched in Bristol in 2012 and has since grown its customer base to 4.5 million and is now recognised as one of the UK’s largest energy suppliers.
A spokesperson for OVO was quoted in Energy Live News, they said: “We know that many of our customers want the security of a long-term fix to protect them against the continuing energy price uncertainty.”
But, MoneySavingExpert, Martin Lewis warned people not to rush into energy deals like OVO’s.
He told the BBC: “People need to be very careful not to just jump on a fix because it costs less than they’re paying right now… because wholesale rates – the rates energy firms pay – have dropped, it’s likely the price cap will drop, and on current predictions that means you’ll start paying 20 per cent lower rates than now.
“That price is predicted to stay around that point until the end of the year, and into early 2024.”
All photos: Rachel Sutherland
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