Independent energy supplier Ovo Energy increased it’s prices by 3% today, which is the first price rise by the supplier for a year after five price drops.
The company said the rise was due to an ‘upward move’ in wholesale prices in April and a small rise in the costs of supplying energy.
The cost of Ovo’s price for a dual fuel customer – i.e. for both gas and electricity – will now be £1028.
Ovo said this will affect new and renewing customers, making it the fourth cheapest energy supplier in the UK.
Founder and Managing Director Stephen Fitzpatrick said: “No company ever likes to announce that they’ve got to put their prices up… But unfortunately prices and the costs of supplying energy can go up as well as down.”
Stephen Fitzpatrick was in the news last year when he told MP’s the Big Six companies were the ‘best filibusters in the business’.
More than 80% of customers won’t be affected until their 12 month contract us up for renewal.