One of the smaller energy suppliers in the United Kingdom, Ovo Energy has announced that it has cancelled an upcoming rise to its tariffs, according to an article published by Which?.
The small independent firm previously announced that the variable rate tariffs that it currently offers would increase by 3.5 per cent; however, due to a fall in wholesale production costs, the supplier has held back on the move.
Ovo Energy's rise was set to come into effect from January 1 2012.
Energy policy advisor at Which?, James Tallack, commented on the move.
He said: "Because small suppliers like Ovo have had to build their customer base from scratch they have by definition a savvier, more active and engaged group of customers and have to be far more responsive to their needs, particularly in the way they price their energy."
Tallack also went on to state that Ofgem needed to do more to ensure that suppliers are operating in a much fairer environment.
"As part of its Retail Market Review, energy regulator Ofgem needs to look at how to level the playing field, and make the current bewildering array of tariffs easy to understand, so all customers - savvy and sticky - can easily compare offers at a glance," he stated.
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