Thursday, 24 November 2011

Ovo Energy breaks ranks by cancelling price hike

UK power and gas supplier Ovo Energy has scrapped plans to increase prices for its variable rate customers due to a drop in wholesale costs, breaking ranks with rival suppliers who have all imposed double digit increases.

"Since we announced the planned increase in our variable prices, on the 26th October, wholesale costs have fallen," Ovo managing director Stephen Fitzpatrick said in a statement.

"In response to this change in the market we're delighted to announce that we will not go ahead with the planned increase," he said.

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