Ovo is confusing me

Fred_Bear_2

I was shocked to receive my renewal quote from Ovo. My electricity price is increasing by 26.8%!
(Green electricity increases from 11.00p to 13.95p and dirty electricity increases from 9.56p to 12.13p)

But today Stephen Fitzpatrick, MD and founder of Ovo Energy, said he had not seen wholesale prices rise for about two years.

http://www.bbc.co.uk/news/uk-24606614

I have asked Ovo twice in recent weeks to explain their huge price rise but they have not responded.

Can anyone on this forum explain what is going on? I'm confused.

footyguy

Fred_Bear wrote: »

I was shocked to receive my renewal quote from Ovo. My electricity price is increasing by 26.8%!
(Green electricity increases from 11.00p to 13.95p and dirty electricity increases from 9.56p to 12.13p)

But today Stephen Fitzpatrick, MD and founder of Ovo Energy, said he had not seen wholesale prices rise for about two years.

http://www.bbc.co.uk/news/uk-24606614

I have asked Ovo twice in recent weeks to explain their huge price rise but they have not responded.

Can anyone on this forum explain what is going on? I'm confused.

Has he been trotting out that mis-information again? :eek:

He said that last week too (which he refers to in the VT) and I suggested then that he should look at his own website
https://forums.moneysavingexpert.com/discussion/4795752

Maybe the BBC should get back to balanced reporting and get someone on to counter the mis-information Fitzpatrick is peddling.

Btw, does anyone else think Fitzpatrick reminds them of Michael O'Leary from RyanAir? :cool:

Fred_Bear_2

footyguy wrote: »

Has he been trotting out that mis-information again? :eek:

He said that last week too (which he refers to in the VT) and I suggested then that he should look at his own website
https://forums.moneysavingexpert.com/discussion/4795752

Thanks for those links, a lot of info there that I haven't seen before. Just a couple of points though:

I look and see from the Ovo website, the wholesale price of electricity is about 2.5% higher than this time last year (about £52/MWh compared to about £49/MWh)

I make this 6% for the 'One year ahead price', but he was referring to the previous two years. Do you have the figures for that?

From your Ofgem link: As at December 2012, helping consumers to save energy accounts for 5% of electricity bills (£27 on an average £531 bill) and renewable subsidies another 5%. But these figures are presumably about the same as the previous year.

None of this explains the huge 26.8% increase this year.