Ovo Energy has announced it is increasing the price of its standard variable tariff by £135 a year, starting from the 17th of October.
The firm is also removing the online discount from its variable plan, blaming rising wholesale energy costs for the hike.
The changes mean customers currently receiving the online discount will pay £1,225 a year, up from £1,090 – a 12.4% increase.
Those not on a discounted rate can expect to see bills rise 6.5%, up to £1,225 from £1,150.
The firm has also announced the first phase of investment into German energy provider 4hundred, which it says will help it transition from a energy supplier to a technology-driven energy services company.
The investment in the Munich-based digital energy provider will enable OVO to bring its technology platforms and products to a new market.
ELN has contacted OVO Energy for a response.