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 will absorb all of the costs of honouring customers’ credit balances and the migration of customers. 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.”