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    • MSE Andrew
      Verified User verified user
    • By MSE Andrew Verified User verified user 11th Jan 19, 5:25 PM
    • 101Posts
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    MSE Andrew
    MSE News: Ovo Energy to take on Economy Energy's 235,000 customers
    • #1
    • 11th Jan 19, 5:25 PM
    MSE News: Ovo Energy to take on Economy Energy's 235,000 customers 11th Jan 19 at 5:25 PM
    Ovo Energy has been appointed by the energy regulator Ofgem to take on Economy Energy's 235,000 domestic customers, after the firm stopped trading earlier this week...
    Read the full story:
    'Ovo Energy to take on Economy Energy's 235,000 customers'

    Click reply below to discuss. If you haven’t already, join the forum to reply.
Page 1
    • wavelets
    • By wavelets 11th Jan 19, 6:56 PM
    • 1,162 Posts
    • 486 Thanks
    wavelets
    • #2
    • 11th Jan 19, 6:56 PM
    • #2
    • 11th Jan 19, 6:56 PM
    Official link from Ofgem here:

    https://www.ofgem.gov.uk/publications-and-updates/ofgem-appoints-ovo-energy-take-customers-economy-energy
    • wavelets
    • By wavelets 11th Jan 19, 7:23 PM
    • 1,162 Posts
    • 486 Thanks
    wavelets
    • #3
    • 11th Jan 19, 7:23 PM
    • #3
    • 11th Jan 19, 7:23 PM
    Ovo Energy will absorb all of the costs of honouring customers’ credit balances and the migration of customers.
    Hope Ovo have some deep pockets if it's confirmed that Economy Energy customers are owed £300 - £500 each as many on here claimed the day they ceased trading.
    • jk0
    • By jk0 11th Jan 19, 10:29 PM
    • 2,837 Posts
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    jk0
    • #4
    • 11th Jan 19, 10:29 PM
    • #4
    • 11th Jan 19, 10:29 PM
    Hope Ovo have some deep pockets if it's confirmed that Economy Energy customers are owed £300 - £500 each as many on here claimed the day they ceased trading.
    Originally posted by wavelets

    Be interesting to see if Ovo accept the change over readings we provide, or come up with their own in order to recoup the loss.
    • Consumerist
    • By Consumerist 12th Jan 19, 12:48 AM
    • 5,140 Posts
    • 2,577 Thanks
    Consumerist
    • #5
    • 12th Jan 19, 12:48 AM
    • #5
    • 12th Jan 19, 12:48 AM
    If you'd left Economy Energy prior to it stopping trading and are owed credit, this will also be honoured, and you will be contacted directly about the refund by Ovo.
    That will be a great relief for many too.

    Given the reports of fake usage added to accounts, it might be good idea for customers to prepare to prove their actual usage.
    Last edited by Consumerist; 12-01-2019 at 11:47 AM. Reason: typo
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • gt94sss2
    • By gt94sss2 12th Jan 19, 9:06 AM
    • 4,220 Posts
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    gt94sss2
    • #6
    • 12th Jan 19, 9:06 AM
    • #6
    • 12th Jan 19, 9:06 AM
    Just received an email from Ovo - they are moving EE customers onto the Ovo Energy Variable tariff (Simpler Energy)

    https://www.ovoenergy.com/economy-energy
    Last edited by gt94sss2; 12-01-2019 at 9:13 AM.
    • harz99
    • By harz99 12th Jan 19, 12:12 PM
    • 2,790 Posts
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    harz99
    • #7
    • 12th Jan 19, 12:12 PM
    • #7
    • 12th Jan 19, 12:12 PM
    Hope Ovo have some deep pockets if it's confirmed that Economy Energy customers are owed £300 - £500 each as many on here claimed the day they ceased trading.
    Originally posted by wavelets

    And as an existing OVO customer I hope those like me don't end up paying for the changeover in the long run with higher prices all round!
    • matelodave
    • By matelodave 12th Jan 19, 12:22 PM
    • 4,278 Posts
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    matelodave
    • #8
    • 12th Jan 19, 12:22 PM
    • #8
    • 12th Jan 19, 12:22 PM
    I hope OVO dont take over Eversmart when they go bust.

    OVO's electricity prices are horrendous at 5p/kwh more than Eversmart's it would cost me an extra £360 a year.

    I thought Octopus were expensive when I got transferred to them when IRESA died but OVO makes Octopus look like a bargain.

    A quick shufti on the comparison sites, shows that I can get 12 deals better than Octopus and 60 better than OVO so I suggest you start looking for a quick swap as soon as you can.

    Hopefully you've all read your meters and downloaded your latest bills and statements so you've got some evidence of the state of your accounts when they turned their toes up.
    Last edited by matelodave; 12-01-2019 at 2:09 PM.
    Never under estimate the power of stupid people in large numbers
    • wavelets
    • By wavelets 12th Jan 19, 12:41 PM
    • 1,162 Posts
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    wavelets
    • #9
    • 12th Jan 19, 12:41 PM
    • #9
    • 12th Jan 19, 12:41 PM
    We went with Ovo about 8 years ago, shortly after they lauched.
    Unfortunately, the quote we received at the end of our fixed period was not competitive, so we switched away and have never been back.

    Don't get me wrong, we had no issues with Ovo expect the new prices and wouldn't hesitate to go back to them if they were again competitive.
    But over the last 4-5 years, I don't even remember them being even on the radar for us.

    I would urge those being switched to Ovo today to check now how Ovo compare to the competition. There must be a 'sweet spot' somewhere for them ... but I'm not sure it will be the average Economy Energy customer as they were certainly on our radar in recent years.
    (I only speak as a credit metered customer)

    If there's a cheaper alternative for you, get prepared to switch as soon as Ovo give you the nod.
    • Sterlingtimes
    • By Sterlingtimes 12th Jan 19, 4:05 PM
    • 1,618 Posts
    • 3,945 Thanks
    Sterlingtimes
    If there's a cheaper alternative for you, get prepared to switch as soon as Ovo give you the nod.
    Originally posted by wavelets
    I have learned a lot about the contrivances that a smaller energy supplier could use to manage its cash flow:

    [1] switch the customer from an agreed in term fixed price contract to a variable price contract in breach of contract;

    [2] block a customer from switching for no good reason;

    [3] stop credit refunds to ex-customers without explanation;

    [4] continue to access to direct debits for ex-customers long after account closure;

    [5] charge a double monthly direct debit at the outset of the contract;

    [6] increase direct debits without good reason and without explanation;

    [7] stop using customer readings and smart meter readings in preference for using inflated estimated readings;

    [8] use inflated estimated readings as a means of increasing direct debits;

    [9] making once off direct debit claims upon the customer's account;

    [10] failing to cooperate with the Ombudsman;

    [11] failing to follow a complaints process;

    [12] failing to publish complaints statistics;

    [13] failing to answer telephone calls and emails;

    [14] removing social media communication;

    [15] use an Internet link to refer to terms and conditions but then changing the terms and conditions to which the link refers; and

    [16] refusing upward referral.

    I am wondering whether the safest way of switching is firstly to select fixed priced switches only and secondly to select tariffs where direct debit mandates are not required.
    Last edited by Sterlingtimes; 12-01-2019 at 4:10 PM.
    Solar installed 21 November 2014 > Centre of England > 3,780 Wp > 14 *270 Watt Trina panels > 14 * Enphase micro-inverters > managed by Enlighten Envoy Hub > 19° west of south > 35° pitch > tree shading to east > iBoost > Wattson Anywhere monitoring > Ovo Smart Gateway > Schneider Electric (Drayton) MiGenie smart thermostat.
    • Anthorn
    • By Anthorn 12th Jan 19, 4:15 PM
    • 4,292 Posts
    • 1,192 Thanks
    Anthorn
    We can only hope that OVO does a better job than Scottish Power is doing with the other EE.

    It appears that customers of failed suppliers are being transferred to more expensive deemed variable tariffs and personally I don't see the point other than guaranteeing credit balances. A better way would be for OFGEM itself to repay credit balances and allow customers a switcheroo to wherever they want to go. It is after all OFGEM which provides licenses to these now failed suppliers.
    • falcieri
    • By falcieri 12th Jan 19, 4:19 PM
    • 82 Posts
    • 33 Thanks
    falcieri
    I'm so pleased I kept all my correspondence with Economy Energy and screenshotted everything else. I left them in October and I never got my refund or even a final statement and their inability to use my meter readings and only use their own estimated readings was a massive pain in the butt.



    Thankfully with my new provider at least I have an actual switch over reading but I reckon I must be owed at least £200 from EE as they kept taking direct debits after my switch as well. Good job I have the evidence for that too.



    No communication from OVO yet regarding my outstanding refund but they have one hell of a job on their hands so I think I'm going to have to be patient. I don't envy them what's to come.
    • wavelets
    • By wavelets 12th Jan 19, 4:23 PM
    • 1,162 Posts
    • 486 Thanks
    wavelets
    ...

    I am wondering whether the safest way of switching is firstly to select fixed priced switches only and secondly to select tariffs where direct debit mandates are not required.
    Originally posted by Sterlingtimes
    MSE has for quite some time been recommending that you fix your traiff.
    But that was last year when prices were rising. Whether they continue to rise is anyone's guess. Even MSE was recently recommending a variable tariff, as fixed prices have now also risen.

    My suggestion would be not to filter out any results initially, but make your own decision once you have seen what is available from the whole of market ... and your own attitude to risk and where prices may go in the future.

    With regards to paying by DD, I have never experienced any issue and like the savings of up to £90 per year for paying this way.
    https://www.moneysavingexpert.com/utilities/lower-energy-direct-debits/

    But if it's not for you, fine. Your money, your choice.
    • JustAnotherSaver
    • By JustAnotherSaver 12th Jan 19, 5:48 PM
    • 3,652 Posts
    • 589 Thanks
    JustAnotherSaver
    Hope Ovo have some deep pockets if it's confirmed that Economy Energy customers are owed £300 - £500 each as many on here claimed the day they ceased trading.
    Originally posted by wavelets
    What's this?


    My mother is currently in the process of looking for compensation through the energy ombudsman against Economy Energy but what's this £300-£500 you mention?

    • harz99
    • By harz99 13th Jan 19, 12:07 AM
    • 2,790 Posts
    • 2,740 Thanks
    harz99
    What's this?


    My mother is currently in the process of looking for compensation through the energy ombudsman against Economy Energy but what's this £300-£500 you mention?
    Originally posted by JustAnotherSaver

    Not compo if that's what you're hoping...


    Those are the amounts some are saying that they are owed, because EE took more in DD payments than the person actually owed.
    • JEA
    • By JEA 13th Jan 19, 1:22 PM
    • 1 Posts
    • 1 Thanks
    JEA
    OVO / BOOST poor rating
    After seeing that OVO and BOOST (their pay as you go) arm have been appointed by Ofgem to take over Economy Energy. I obviously checked them out. Not looking very promising, they only have a 6.9 out of 10 rating. The comments on their facebook page are not positive. They have been around since 2009 and are still classed as one of the smaller energy companies. Why when a large amount of smaller companies went under in 2018, did Ofgem appoint another small company. Personally I never had a problem with Economy, but it might have been because I was on PAYG, through choice as I find it easier to budget that way. I wonder how many people will actually stay with OVO / Boost. By doing a quote for my area for their tariff for gas and electricity on a pay as you go smart meter, every element of the tariff is higher than Economy. But the quote was only completed by inputting my postcode which came up with the tariff and an estimated weekly amount of £22.00 and this was based on average consumption in my area. I got the quote e-mailed to me, but the quote only mentioned the £22 per week and not the tariff rates. To get the tariff rate I had to complete the quote again and print a copy from my laptop screen. I will wait for BOOST to make contact to see what they are offering in tariff for Economy Energy customers. As 235,000 potential customers have landed in their lap for doing very little work towards getting them. Lets hope the extra customers doesn't pose too much for them to handle and their already documented poor service gets worse for all concerned.
    • gt94sss2
    • By gt94sss2 13th Jan 19, 1:42 PM
    • 4,220 Posts
    • 1,995 Thanks
    gt94sss2
    After seeing that OVO and BOOST (their pay as you go) arm have been appointed by Ofgem to take over Economy Energy.
    Originally posted by JEA
    Ovo had 3% of the market in October 2018 - which actually makes them one of the largest suppliers outside the big 6 and generally seem to score well on CS so not sure where you are getting your facts from.

    We were content customers of theirs years ago. Having said that, they are not the cheapest (for us) so we will be moving away once the account has been transferred to them

    PS: If you're a PAYG customer, this seems to be the link relevant to you: https://www.boostpower.co.uk/economy-energy
    Last edited by gt94sss2; 13-01-2019 at 1:48 PM.
    • wavelets
    • By wavelets 13th Jan 19, 1:43 PM
    • 1,162 Posts
    • 486 Thanks
    wavelets
    After seeing that OVO and BOOST (their pay as you go) arm have been appointed by Ofgem to take over Economy Energy. I obviously checked them out. Not looking very promising, they only have a 6.9 out of 10 rating....
    Originally posted by JEA
    Welcome to MSE

    According to a MSE review, they were voted 5th best supplier based on customer service with 76% voting them 'Geat' and 16% 'OK'
    https://www.moneysavingexpert.com/news/2018/06/small-suppliers-leading-the-way-for-customer-service/
    • Sterlingtimes
    • By Sterlingtimes 13th Jan 19, 2:52 PM
    • 1,618 Posts
    • 3,945 Thanks
    Sterlingtimes
    It appears that OVO will offer "Simpler Energy" to ex-Economy Energy clients. From my Google search, I find that Ovo will accept payment in arrears without charging extra. So when Ovo asks for a direct debit mandate, I would like to refuse. Learning from Economy Energy, it is far safer not to let an energy company access your bank account.

    Which payment methods do you accept?
    Most people choose to pay by Direct Debit, one month in advance.
    If you’re on the Simpler plan, you can also pay by cash or cheque in arrears. You can pay over the phone (or on My OVO) with a card, via a bank transfer or by cash with a paying-in slip at your bank.
    We no longer offer Flexible Direct Debit. And we don’t accept PayPal.
    Last edited by Sterlingtimes; 13-01-2019 at 3:04 PM.
    Solar installed 21 November 2014 > Centre of England > 3,780 Wp > 14 *270 Watt Trina panels > 14 * Enphase micro-inverters > managed by Enlighten Envoy Hub > 19° west of south > 35° pitch > tree shading to east > iBoost > Wattson Anywhere monitoring > Ovo Smart Gateway > Schneider Electric (Drayton) MiGenie smart thermostat.
    • JustAnotherSaver
    • By JustAnotherSaver 13th Jan 19, 3:32 PM
    • 3,652 Posts
    • 589 Thanks
    JustAnotherSaver
    Since Economy Energy have ceased trading, at what point can you 'switch' to something else?


    I saw the email my mother received and it advises not switching while it's all being handled pretty much but then i figured it would do.
    Just wondering at what point she can switch as she's looking to lock in on a decent fixed rate tariff.

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