Ovo Energy
Ovo Energy is an energy supply company based in Bristol, England. Ovo was founded by Stephen Fitzpatrick, and began trading energy in September 2009, buying and selling electricity and gas to supply domestic properties throughout the UK. It is one of over 15 smaller energy companies competing with the Big Six which dominate the market. As of June 2016 they have 670,000 customers representing a 2.4% market share.[1]
Overview
The company sources its energy from various suppliers throughout the UK and from further afield as outlined below. Ovo Energy's headquarters are based in Bristol. Ovo Energy is an independent supplier and is British-owned and privately backed.
Ovo Energy had been supplying gas and electricity to domestic customers since 2009, until April 2013, when the company also decided to enter the business energy market.[2] This sector of the UK economy is dominated by a number of larger companies such as the Big Six Energy Suppliers (UK).[3]
Electricity
The electricity Ovo Energy sources comes from various generators. Its two tariffs include 33% green electricity, (Ovo Better Energy-previously 15% green) and 100% green electricity (Ovo Greener Energy), coming from sources including wind farms in Gloucestershire and North Wales and electricity generated from the burning of landfill gas.
Gas
Ovo Energy sources its gas from the national grid.[4] The majority of the UK's gas is sourced from the North Sea; the rest comes from Norway, Continental Europe and some from further afield. Increasingly, gas is imported as liquefied natural gas (LNG), natural gas cooled to about −165 °C and compressed to make it easier to transport.
Controversy
The entry of Ovo into the UK supply market in 2009 was welcomed as it increased competition in a market that had been criticised for high prices.[5][6]
In October 2013 Managing Director Stephen Fitzpatrick appeared at a Parliamentary Select Committee in front of the Energy and Climate Change Select Committee (ECCC), to justify recent gas and electricity price rises. Fitzpatrick courted controversy, explaining to the committee that the 'wholesale gas price had actually got cheaper', contrary to the Big Six Energy Suppliers' assertions that international global prices of gas and electricity had consistently risen.[7]
References
- ↑ https://www.ovoenergy.com/about-ovo/media-centre/key-facts
- ↑ Mason, Rowena (7 July 2011). "Energy Secretary to help new suppliers break into market dominated by Big Six". The Daily Telegraph. London.
- ↑ http://www.newstatesman.com/politics/2013/10/new-questions-big-six-mean-milibands-price-freeze-will-continue-dominate
- ↑ http://www.ovoenergy.com/our-energy/where-our-energy-comes-from.html
- ↑ "Martin Hickman: Suppliers run rings around regulators". The Independent. London. 7 October 2009.
- ↑ http://www.thenorthernecho.co.uk/business/4704693.Newcomers_try_to_shake_up_the_energy_market/
- ↑ "Ovo Energy boss 'confused' by larger firms' price rises". BBC News. London. 29 October 2013.
External links
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