Ovo Energy announces £50m support package to help customers
Ovo Energy will provide a £50m support package, available from 1 October, to help customers who are struggling with higher energy bills.
The move follows the news last Friday that Ofgem, the utilities regulator, had set the energy price cap at £3,549 from 1 October 2022. This represents an 80% increase from the previous price cap of £1,971 which was set in April, and is down to Russia’s invasion of Ukraine which has caused wholesale energy prices to soar.
The £50m package will include payment holidays for all pre-payment meter customers who are in debt; a 200% increase in emergency top-up credit for customers on prepayment meters; as well as free smart thermostats and boiler checks.
Ovo will offer these services to those who need extra support, who also meet certain eligibility criteria from 1 October.
Ovo supporting food banks
The energy supplier has also partnered with Trussell Trust, the charity, to support food banks this winter. This sits alongside its existing partnership with StepChange, the debt charity, which saw it provide £2m of support for 2022 for people facing financial challenges.
Raman Bhatia, chief executive of Ovo said: “Our immediate focus is what we can do to help keep the lights on and our customers warm this winter. We are urging the government to increase its support for those that need it. In the meantime, our customer support package will provide immediate support to our customers who need it most right now.”