Ovo to pay out more than £10m over prepayment meter rule breaches

Ovo has insisted it is “committed” to meeting financial resilience rules set by the industry watchdog after its accounts warned about a “material uncertainty” over its future following its failure to meet the targets. (Alamy/PA) -

Ovo Energy has agreed to pay out more than £10 million after regulator Ofgem found vulnerable customers were left at a “risk of harm” due to the supplier’s poor monitoring of households on prepayment meters.

Ofgem said Ovo’s inadequate oversight of prepayment meter customers included those on the priority services register, meaning they were vulnerable customers.