Launched in 2009, OVO has grown to not only become one of the UK's largest independent energy suppliers, it's the UK's third-largest domestic energy supplier following its acquisition of SSEs' retail arm in 2019. This gave it an extra 3.5 million customers.
OVO also took over Spark Energy in 2018, gaining 290,000 customers.
Energy supply aside, OVO is investing in smart technology, including smart meters and storage heaters with smart capabilities. It's also branching out into home energy storage devices and electric vehicle chargers that charge vehicles for less during off-peak hours when there is less demand and rates are cheaper.
It's not all been plain-sailing for OVO though - in January 2020, it had to pay £8.9 million to make up for communication and billing issues. It also had to shell out £1.2 million in August 2020 as a result of SSE missing its smart meter targets.
OVO Energy is one of the largest independent energy suppliers in the UK and part of the OVO Group. This is a subsidiary of Imagination Industries Ltd, a holding company that is owned by Stephen Fitzpatick, who has been OVO CEO since its launch in 2009.
Having made the transition from small independent to one of the country's biggest energy suppliers, OVO essentially offers the best of both worlds when it comes to energy supply - it combines the great rates and customer service of a smaller supplier with all of the assurances that come with switching to a bigger supplier.
If renewable energy is a priority, OVO was the first major energy company to remove coal and nuclear from its energy mix. It offers 100% renewable electricity on its green energy tariffs and 33% renewable electricity on its standard tariff.
Any electricity we use is generated from a combination of different fuels such as nuclear, coal and renewable sources (wind, water and the sun). The different amounts of each fuel contributed makes up a supplier's fuel mix.
Here is the OVO gas and electricity fuel mix as of April 1, 2019, to March 31, 2020:
| Electricity supplied by OVO % of total | Average for GB (for comparison) % of total | |
|---|---|---|
| Coal | 0.0% | 3.4% |
| Natural Gas | 48.1% | 39.3% |
| Nuclear | 0.0% | 13.9% |
| Renewable | 51.9% | 40.8% |
| Other | 0.0% | 2.6% |
| Total | 100% | 100% |
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