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Ofgem Statement on Ovo Energy

16 Jun 2014

“Ofgem wants to see customers’ money in their pockets rather than languishing as surpluses in energy suppliers’ bank accounts. We already have detailed rules to make sure that suppliers set direct debits at the right level and surpluses are refunded.

“The last thing we want to do is stop deals which truly benefit consumers. We are not banning Ovo’s offer of a 3% interest on balances. Our reforms to deliver a simpler, clearer and fairer market are flexible and allow deals such as Ovo’s where they are in consumers’ interests. We are currently working with Ovo on this issue to ensure that this offer stays within our framework to protect consumers, and in the meantime we have no intention of stopping Ovo from continuing to pay interest on balances.”

Story appears courtesy of Ofgem