OVO Energy agrees £10million Ofgem settlement over vulnerable customers

OVO Energy has agreed a settlement worth more than £10million after an Ofgem investigation found vulnerable customers using prepayment meters faced a "clear risk of harm" because of failures in the supplier’s monitoring systems.

The energy regulator announced on Wednesday that OVO had breached consumer protection rules through inadequate oversight of prepayment meter customers, including households listed on the priority services register.

Ofgem concluded the company’s failings breached regulations specifically intended to safeguard vulnerable consumers.

The settlement comes while OVO is being acquired by German energy giant E.ON in a deal set to create one of Britain’s largest energy suppliers.

The financial package includes several measures aimed at addressing the regulatory breaches identified during the investigation.

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