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Ofgem Appoints Retail Supplier To Take On Customers Of Economy Energy

January 14,2019

U.K. regulator Ofgem has appointed Ovo Energy to take on supplying Economy Energy’s 235,000 domestic customers.

"This follows a competitive process run by Ofgem to get the best deal possible for customers," Ofgem said

"Ovo Energy is offering Economy Energy’s customers a competitive tariff and will honour all outstanding credit balances, including money owed to both existing and former customers of Economy Energy," Ofgem said

Warm Home Discount customers who have already been approved by Economy Energy will continue to receive their payment from Ovo Energy.

Ovo Energy will absorb all of the costs of honouring customers’ credit balances and the migration of customers.

Customers with prepayment tariffs can continue to top up their meters as they had done previously with Economy Energy. They will be contacted by Ovo Energy’s prepayment brand Boost.

Customers of Economy Energy will be contacted over the coming days about the changes. If customers wish to change their tariff or switch supplier they should ask to be switched to another Ovo Energy tariff, or shop around. Customers will not be charged exit fees if they decide to switch to another supplier, Ofgem said

Ovo Energy has 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, Ofgem said

U.K   M&A  

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