Ovo Energy, the independent energy supplier which knocked its prices down by an average of £133 lower than Big Six tariffs, has been praised for responding so quickly to a drop in wholesale costs.
uSwitch said the clever manoeuvre proved the UK market was desperately in need of smaller players as they could respond to markets more quickly and offer tired consumers a better deal.
Tom Lyon, energy expert at uSwitch said: “This is the kind of consumer-friendly move we’ve come to expect from Ovo. In one fell swoop it has given cash-strapped consumers a lending hand and laid the gauntlet down to the big six suppliers.
“The move is another reminder why smaller players are so welcome in the market – they are nimble enough to be able to turn price cuts around far more quickly than the bigger players, making them a good consumer-friendly alternative.”