New energy supplier could 'push down energy prices'

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A new energy company has entered the UK market claiming that it can help consumers looking to switch their energy supplier to save money.

Ovo, a privately financed firm controlled by an investment banker and a drinks company director, claims to have bought its energy at lower prices because it only entered the market relatively recently and this will translate into direct savings for consumers.

However, energy experts say it is too early to tell if the savings will be sustainable – so consumers should continue comparing energy prices of price comparison sites, at least until the market settles again.

Stephen Fitzpatrick and Kris Black, the founders of Ovo, said: "We use the latest technology to be more efficient and keep costs low."

Alison Morrison, of consumer group Which?, said: "It is good to see a new supplier enter the energy market, particularly when they are so competitive on price. We hope this encourages other energy companies to review their prices."

According to recent research by ICIS Heren, consumers believe that energy suppliers are not doing enough to bring down the cost of their electricity and gas.

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