Ofgem statement on Ovo Energy
13 Jun 2014 04:19 PM
"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."