Ovo Energy to Pay Interest on Account Credits

New market entrant Ovo Energy is to pay interest to customers whose accounts are in credit. From July this year, the firm will offer 3 per cent to customers in the form of a credit.

Founder Stephen Fitzpatrick told Utility Week that the company now has 30,000 customers, with 12,000 switching in April and May this year alone. He said turnover is around £36 million and that the firm "is not operating a loss leader strategy".

Fitzpatrick added that the bulk of Ovo customers were on its 'new energy' tariff, of which green energy makes up 15 per cent.

The company also plans to start rolling out smart meters by the end of the year.

It will be very interesting to see if the major suppliers follow suit and this becomes the industry norm.

All Ovo Energy tariffs can be found on http://www.getmecheapbills.com

British Gas Websaver tariff updated

British Gas has today launched WebSaver 8 as a replacement to WebSaver 7. The key features of the tariff are: *This tariff is available to credit meter customers in all regions. *Only available to new customers taking Dual Fuel and existing customers taking Dual or Single fuel. *Only available to customers paying by Direct Debit. *A guaranteed discount period is offered, with a minimum 6% discount against our standard tariff prices until 1st October 2011. *Whether prices go up, down or remain the same, WebSaver 8 will be a minimum 6% below the standard tariff rates.