Ovo Energy cancels planned price increase

Independent energy supplier Ovo Energy has said it no longer intends to increase prices for its variable rate customers as it had planned.

Higher rates were due to be brought in on January 1st 2012, but the company said a decrease in wholesale prices since October means this is no longer necessary.

"We continue to champion our Fair Price Pledge and we will do everything we can to ensure that our customers always get the best possible deal," said managing director Stephen Fitzpatrick.

Meanwhile, uSwitch.com has been speaking out about the decision by British Gas earlier this week to simplify its gas and electricity tariffs.

Energy expert Tom Lyon said the move could provide a blueprint for other companies to do the same, as consumer confidence in suppliers is "at an all time low".

"Make no bones about it, a step change towards a simpler market is desperately needed," he added.

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