OVO Energy cuts online New Energy Fixed tariff

Commenting on OVO Energy cutting its online New Energy Fixed tariff by seven per cent, Scott Byrom, utilities manager at moneysupermarket.com said: "It's time for the small providers to come out to play with the big boys.

OVO Energy's price drop of seven per cent to its online New Energy Fixed product places it firmly at the top of the table with the cheapest duel fuel tariff at an average of £855 a year, forcing the Big Six further down the ladder. It's great to see smaller providers putting pressure on the energy giants, especially as the two top spots are now being held by OVO Energy and First Utility.  Despite some price cuts to select online tariffs earlier in the year the Big Six have got some ground to make up if they want to reclaim the crown of having the cheapest overall energy product in the UK.

"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."