Ovo Energy to pay more than £10m over prepayment meter monitoring failings

Key points

• Ovo Energy has agreed to pay more than £10m after the energy regulator for Great Britain, Ofgem, found a lack of monitoring of vulnerable customers with prepayment meters (PPMs) could have exposed them to a “clear risk of harm”.
• Ofgem found that Ovo did not adequately monitor its PPM customers, including those on the priority services register, leading to breaches of the watchdog’s rules designed to protect customers in vulnerable situations.
• ​​ In response to the findings, Ovo agreed to a settlement package including a £7m payment to Ofgem’s voluntary redress fund as well as a £3.4m package of credit and debt relief for some of its most vulnerable customers, which the regulator said was in lieu of compensation.
• Any Ovo customers due to receive credit or debt write-off payments would be contacted by Ovo and do not need to take any action, Ofgem added.
• In addition, Ovo – set...