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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 2
    • matelodave
    • By matelodave 13th Jan 19, 3:52 PM
    • 4,280 Posts
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    matelodave
    It takes around 3-4 weeks to swap over from the bust supplier to the take over supplier - or that what it took for Octopus to take over from IRESA. You can then initiate a transfer - it can go horribly wrong if you try swapping whilst the initial swap is in progress.

    Just make sure that you keep hold of all your data, meter reads, bills. statements etc as it can make the transition from the failed supplier through the take over supplier and the ultimate supplier a bit easier.

    It can still be a mess though if your exitsing billing isn't correct or up to date or you haven't been keeping meter readings up to date.

    As I knew I was in credit (from my own records and calculations, rather than erroneous and estimated bills from IRESA) I cancelled my DD so Octopus couldn't take any more.

    The credit got passed over to Octopus and it paid for the energy that I used whilst with them
    Last edited by matelodave; 13-01-2019 at 3:55 PM.
    Never under estimate the power of stupid people in large numbers
    • Sterlingtimes
    • By Sterlingtimes 13th Jan 19, 5:08 PM
    • 1,617 Posts
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    Sterlingtimes

    The credit got passed over to Octopus and it paid for the energy that I used whilst with them
    Originally posted by matelodave
    Thank you, metelodave, this is helpful.

    I have cancelled my Direct Debits with Economy. My credit should pay my bills for a couple of months. I will ask Ovo to confirm that Simpler Energy does not necessitate a direct debit set-up, and pay my bills upon invoice presentation. Ovo appears to be almost the cheapest supplier for invocing in arrears. After Economy, I look forward to the good old days when a client pays for a service that has been delivered.
    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.
    • jk0
    • By jk0 14th Jan 19, 9:35 AM
    • 2,836 Posts
    • 26,249 Thanks
    jk0
    Adding insult to injury
    Anyone seen OVO's standard rates?


    Day unit rate: 18.45p per kWh
    Night unit rate: 10.65p per kWh
    Standing charge: 21.09p per day

    Gas
    Unit rate: 3.85p per kWh
    Standing charge: 25.82p per day
    That is 25% more for day rate, 56% more for night rate, and 28% more for gas than my Economy energy fix which was supposed to last until June 2020.


    And we've not got to switch until they tip us the wink!
    • Sterlingtimes
    • By Sterlingtimes 14th Jan 19, 11:03 AM
    • 1,617 Posts
    • 3,944 Thanks
    Sterlingtimes
    Anyone seen OVO's standard rates?


    That is 25% more for day rate, 56% more for night rate, and 28% more for gas than my Economy energy fix which was supposed to last until June 2020.


    And we've not got to switch until they tip us the wink!
    Originally posted by jk0
    I am in the same boat in that my estimated annual cost will rise from £1,378 to £2,047, i.e. 48%. My tariff would have lasted until June.

    But Economy Energy had offered us a false paradise in offering a fixed price well below cost, and I had to enforce the contract through legal intervention.

    For a variable price tariff with payment upon receipt of bill, Ovo is around about the cheapest. For Direct Debit, there is money to be saved by moving from Ovo, but I would be concerned about a number of alternative suppliers.
    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.
    • Consumerist
    • By Consumerist 14th Jan 19, 11:32 AM
    • 5,139 Posts
    • 2,576 Thanks
    Consumerist
    . . . It can still be a mess though if your exitsing billing isn't correct or up to date or you haven't been keeping meter readings up to date. . .
    Originally posted by matelodave
    If the reports on here about about fake consumption on EE accounts are anything to go by, I suspect Ovo has no idea of what it might have taken on. I think it might be wise to expect some serious delays in getting accounts sorted and serious lapses in customer service.

    I don't think this is going to be pretty.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • matelodave
    • By matelodave 14th Jan 19, 1:09 PM
    • 4,280 Posts
    • 2,702 Thanks
    matelodave
    If the reports on here about about fake consumption on EE accounts are anything to go by, I suspect Ovo has no idea of what it might have taken on. I think it might be wise to expect some serious delays in getting accounts sorted and serious lapses in customer service.

    I don't think this is going to be pretty.
    Originally posted by Consumerist
    Thats why it's a good idea to keep your own records and save all bills and statements.

    When IRESA went bust they had been esimating bills despite the fact that I'd been giving them monthly readings.

    However, as I had my initial meter read and keep my own weekly meter readings it was easy to present all the info to Octopus and my transfer was sorted within three weeks.

    It took a lot longer to get my £6 credit back though but that wasn't a problem. Those who let the shambles continue and ramped up big credits or arrears probably didn't fare quite so well.
    Never under estimate the power of stupid people in large numbers
    • Sterlingtimes
    • By Sterlingtimes 14th Jan 19, 1:19 PM
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    • 3,944 Thanks
    Sterlingtimes
    If the reports on here about about fake consumption on EE accounts are anything to go by, I suspect Ovo has no idea of what it might have taken on. I think it might be wise to expect some serious delays in getting accounts sorted and serious lapses in customer service.

    I don't think this is going to be pretty.
    Originally posted by Consumerist
    The Daily Mail reports today on various alleged wrongdoing of the directors.

    There is clearly a huge sum of money owing to ex-customers. The Chartered Accountant at Economy will surely have recorded that amount accurately and passed that figure through to OVO. We now know that 100,000 customers have left Economy during 2008 (Ref Daily Mail EXPOSED: Murky dealings that led to the collapse of small power firm Economy Energy). That is all before we look at extant clients. OVO will surely have negotiated with OFGEM a ceiling sum which it would cover, i.e. the cost of acquisition of a client base.
    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.
    • Sterlingtimes
    • By Sterlingtimes 14th Jan 19, 1:25 PM
    • 1,617 Posts
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    Sterlingtimes
    OVO has confirmed to me that on Simpler Energy the client does not need to set-up a direct debit. There is no additional charge for paying in arrears. I have already cancelled my Economy Energy direct debits.
    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.
    • Consumerist
    • By Consumerist 14th Jan 19, 1:30 PM
    • 5,139 Posts
    • 2,576 Thanks
    Consumerist
    The Daily Mail reports today on various alleged wrongdoing of the directors.

    There is clearly a huge sum of money owing to ex-customers.. . .
    Originally posted by Sterlingtimes
    I would think the worry for Ovo is the possible £200 per remaining EE customer account in fake debits which Ovo might have expected to collect over the coming year but may just be a puff of smoke in reality.

    We have only heard a few reports on here so hopefully it's not too widespread.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Mr.Everready
    • By Mr.Everready 14th Jan 19, 3:02 PM
    • 132 Posts
    • 32 Thanks
    Mr.Everready
    We have only heard a few reports on here so hopefully it's not too widespread.
    Originally posted by Consumerist



    Oh, I think it's pretty wide spread. The invoices generated on the 20th December to many thousands were vastly over estimated. I was charged £497 for the month, for electricity alone ! This put my balance from a healthy credit to owing £180 instead.
    IF Ovo and Ofgem used these false debit balances in their discussions, then thet're in for one all mighty shock !
    • Sterlingtimes
    • By Sterlingtimes 14th Jan 19, 3:09 PM
    • 1,617 Posts
    • 3,944 Thanks
    Sterlingtimes
    Oh, I think it's pretty wide spread. The invoices generated on the 20th December to many thousands were vastly over estimated. I was charged £497 for the month, for electricity alone ! This put my balance from a healthy credit to owing £180 instead.
    IF Ovo and Ofgem used these false debit balances in their discussions, then thet're in for one all mighty shock !
    Originally posted by Mr.Everready
    I agree, but two thirds of customers have prepayment meters, so OVO's exposure is with credit customers.
    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.
    • Mr.Everready
    • By Mr.Everready 14th Jan 19, 3:10 PM
    • 132 Posts
    • 32 Thanks
    Mr.Everready
    This was the line from the Ofgem statement that "worried" me.


    Ovo Energy will absorb all of the costs of honouring customers’ credit balances and the migration of customers.
    • Sterlingtimes
    • By Sterlingtimes 14th Jan 19, 3:22 PM
    • 1,617 Posts
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    Sterlingtimes
    OVO has clearly taken control of my smart meter. Tariffs have been changed Gas 3.22 per kWh S/C 25.82 p per day, Electricity 16.51 per kWh S/C 22.45 per day.
    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.
    • matelodave
    • By matelodave 14th Jan 19, 3:50 PM
    • 4,280 Posts
    • 2,702 Thanks
    matelodave
    OVO has clearly taken control of my smart meter. Tariffs have been changed Gas 3.22 per kWh S/C 25.82 p per day, Electricity 16.51 per kWh S/C 22.45 per day.
    Originally posted by Sterlingtimes
    That's pretty impressive if at least one supplier is capable of accessing another's smart meter.

    Perhap there is hope after all
    Never under estimate the power of stupid people in large numbers
    • Consumerist
    • By Consumerist 14th Jan 19, 4:07 PM
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    • 2,576 Thanks
    Consumerist
    I agree, but two thirds of customers have prepayment meters, so OVO's exposure is with credit customers.
    Originally posted by Sterlingtimes
    I'm not entirely sure how it works for prepayment meters but it occurs to me it's just as easy to add debt to their accounts too.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • TenCentsWorth
    • By TenCentsWorth 14th Jan 19, 5:42 PM
    • 5 Posts
    • 0 Thanks
    TenCentsWorth
    Ovo is OK with me...
    As a current Economy energy (now ex) I'm really pleased that we are being taken up with OVO. I was with them for about 7 years previously and in that time only one problem occurred (not the fault of Ovo or myself) and they dealt with that in a timely and courteous manner. Whilst their 'simpler energy' tariff is not cheap their 2 year fixed deal looks acceptable especially as the consensus is that Brexit (yes or no) will have a detrimental cost effect on near future energy prices.
    • PennyPenny
    • By PennyPenny 31st Jan 19, 12:18 PM
    • 10 Posts
    • 2 Thanks
    PennyPenny
    Switching away from OVO?
    I've been affected by all of this, and the OVO rates are a lot higher than those from Economy Energy.

    I've just received my letter with my account number and my supply switch over date. Funnily enough, for today.

    When can I start a switch away from OVO?
    Do I have to wait for all the financial shenanigans to be completed or can I start now seeing that I have an account number?
    I want to be debt free, but I have a HUGE mortgage

    The interest is lower than savings rates at the moment though, so I'm SAVING like mad......

    If the rates change then I'll start overpaying again.
    • wavelets
    • By wavelets 31st Jan 19, 12:45 PM
    • 1,162 Posts
    • 486 Thanks
    wavelets
    I've been affected by all of this, and the OVO rates are a lot higher than those from Economy Energy.

    I've just received my letter with my account number and my supply switch over date. Funnily enough, for today.

    When can I start a switch away from OVO?
    Do I have to wait for all the financial shenanigans to be completed or can I start now seeing that I have an account number?
    Originally posted by PennyPenny
    Answered this in the other thread you posted the asking the same

    https://forums.moneysavingexpert.com/showpost.php?p=75397849&postcount=10
    • jk0
    • By jk0 1st Feb 19, 9:06 AM
    • 2,836 Posts
    • 26,249 Thanks
    jk0
    Economy Energy took another DD today!
    Grrr. I thought things were going too well. I applied to switch to EDF when I found out OVO's rates. EDF just asked for my initial readings.



    I'd forgotten I left the EE direct debit in place, following Ofgem advice:


    Customers with direct debits should not cancel their arrangement, although if you have already done, Ovo Energy will contact you shortly to explain how they will set up your account.

    The b*ggars just took another £120! I'm cancelling the DD now!
    • Consumerist
    • By Consumerist 1st Feb 19, 10:34 AM
    • 5,139 Posts
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    Consumerist
    . . . The b*ggars just took another £120! I'm cancelling the DD now!
    Originally posted by jk0
    Since EE have actually stopped trading, your bank may be able to recover that latest DD for you.

    In this situation, I'm not too sure of the position because Ovo are in the process of transferring the DDs over to them and, technically, you are currently still in-contract with them. Must be worth a try though.
    Warning: In the kingdom of the blind, the one-eyed man is king.
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