Ovo Energy Tops Duel Fuel Tariffs With Latest Price Cuts

Ovo Energy has cut its online New Energy fixed tariff by 7 percent, placing it firmly at the top of the energy charts for the cheapest duel fuel plans.

Ovo Energy, a new player in the energy market is challenging the larger suppliers with its latest price reduction. The New Energy fixed tariff not only offers consumers the benefit of fixed prices, it also supplies 15% of its energy from renewable sources.

The New Energy plan will cost the average household £855 per year for duel fuel supplies which undercuts First Utility who charge £889 with their iSave v3 plan. Ovo is significantly undercutting the big six energy providers. For example, British Gas are charging £899.04 with their WebSaver 6 deal and Scottish Power customers are paying the most at £922.24 for their Online Energy Saver 9 tariff.

This means that two of the smallest players in the market – Ovo and First Utility – are top of the charts for the cheapest energy.

It is apparent that online energy plans offer the best deals and consumers should find that it easy to switch energy supplier to benefit from the cheapest rates. This is emphasised by Scott Byrom, utilities manager at moneysupermarket.com who said:

“While further price reductions are great news for consumers, anyone wanting to take advantage of this new deal and other cheap tariffs on the market will have to move to an online product to make the biggest savings. As we have witnessed, 2010 price reductions on standard tariffs to date have been disappointing, by proactively swapping to better online deals customers could save themselves an average of £272.”

“While for many customers changing to a new provider is the best option, at the very least customers should contact their current provider and ask to move to its cheapest tariff.”