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Ovo set to fix prices below £1,000

Energy supplier Ovo has announced it is set to freeze prices at below £1,000 per year for its customers.

An annual dual fuel bill costs around £1,300, but the small provider has fixed tariffs at £998, making it the cheapest on the UK market.

It claims the fact that wholesale gas prices have fallen by 9.5 per cent played a part in its decision, which will save its current consumers approximately £100.

The Big Six energy firms have been urged to consider lowering their prices in the wake of a competition enquiry, after an Ofgem report claimed there was evidence the companies may have colluded to fix prices to stifle the progress of smaller providers.

However, so far, only SSE has chosen to freeze its costs until 2016 - while the rest have made no such commitments.

Ovo boss Stephen Fitzpatrick said: "Competition works. Fair pricing will help consumers to trust the energy market again."