Ofgem has appointed Ovo Energy to take on supplying Economy Energy’s 235,000 domestic customers.
This follows a competitive process run by Ofgem to get the best deal possible for customers.
Ovo Energy is offering Economy Energy’s customers a competitive tariff and will honour all outstanding credit balances, including money owed to both existing and former customers of Economy Energy.
Warm Home Discount customers who have already been approved by Economy Energy will continue to receive their payment from Ovo Energy.
Ovo Energy will absorb all of the costs of honouring customers’ credit balances and the migration of customers.
For existing customers, energy supplies will continue as normal as they switch over to Ovo Energy.
Customers with prepayment tariffs can continue to top up their meters as they had done previously with Economy Energy. They will be contacted by Ovo Energy’s prepayment brand Boost.
Customers of Economy Energy will be contacted over the coming days about the changes. If customers wish to change their tariff or switch supplier they should ask to be switched to another Ovo Energy tariff, or shop around. Customers will not be charged exit fees if they decide to switch to another supplier.
Philippa Pickford, Ofgem’s director for future retail markets, said: “I am pleased to announce we have appointed Ovo Energy, which will offer Economy Energy’s customers a competitive tariff for their energy. Their credit balances will be honoured and their energy supply will continue as normal.
“Ovo Energy has also agreed to absorb the costs of taking on these customers and outstanding credit balances, which means the extra costs will not fall on the industry or households.
“Ovo Energy will be in contact with customers over the coming days with further information. Once the transfer has been completed, customers can shop around for a better deal if they wish to.”
Economy Energy customers on a prepayment meter should wait for Boost to contact them and can find out more information by visiting: www.boostpower.co.uk/economy-energy, or contact them on firstname.lastname@example.org or 0330 102 7428.