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Future Energy Costs - a brand new feature on your bill!

  • 13 November 2018
  • 4 replies
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  • Anonymous
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On the 24th October, we changed the way we calculate our customers’ Future Annual Costs and Consumption. You’ll be able to see these new figures on your regular monthly statements and your annual statements.

Why have we changed it? To improve accuracy, consistency and help you make more informed decisions around your energy.

The calculation uses a tiered approach. Ideally we'll use your actual readings - if not, we use your Estimated Annual Consumption - this is what we (and the industry) predict you'll use over the next 12 months. If we can’t use those, then we use Ofgem averages.

So...what is Future Annual Consumption (kWh)?
It’s how much energy a customer will use over the next year.

...and what is Future Annual Cost?
It’s how much the energy a customer uses over the next 12 months will cost (according to OVO). Ofgem refer to this as "Personal Projection".

We’d love to know what you think about this new feature!

4 replies

Userlevel 4
Badge +1
I posted a question about this a couple of weeks ago and it got moved and buried in another topic so I am re-posting it here. The "new" calculation is more inaccurate than the old one.

I give meter readings on time every month and keep detailed records of my usage. These new figures are completely misleading.

Previous post:-

I have just received my monthly statement and some of the figures quoted are wrong. On the first page it provides an estimate of the cost of electricity and gas over the next year, and on page 2 it gives figures for estimated annual consumption of electricity and gas. All of these are wrong on the latest statement but were reasonably accurate in previous statements.

To illustrate the problem these are the figures (I have added the cost of electricity and gas together):-

Actual usage in last 12 months, Cost: £973.86 (E:3796 kW G: 9005 kW)

Statements
Nov 2018 Statement Est. for next 12m, Cost: £1502.46 (E: 5394 kW G: 6815 kW) – wrong
Oct 2018 Statement Est. for next 12m, Cost: £1033.41 (E: 3809 kW G: 8609 kW) – OK
Sept 2018 Statement Est. for next 12m, Cost: £983.78 (E: 3901kW G: 8532kW) – OK

Older statements are similar to Sept and Oct and the estimates are reasonably close to what I am actually using.

Why are the figures so wrong? It thinks I will use around 40% more electricity in the next 12 months compared to what I am using now and 25% less gas than I am using now. The estimated cost over the next 12 months is more than 50% more than the last year but I still have 12 months left to run on my existing 2 year fixed rate. This makes no sense at all, and it only seems to be a problem with the latest statement.
Userlevel 5
Badge +2
Hey Phil_H,

If you're still seeing some inaccuracies, the best thing to do would be to flag this to our Customer Service team by calling them on 0330 3035063 or by getting in touch with our OVO Social Media Team on Facebook or Twitter. By raising this to the team, they'll be able to look over your account and the projections, pass this onto our Tech guys to look into and get back to you with an update once they have a better understanding of what's happened.

Hope this helps,
Lucy
Userlevel 4
Badge +1
Hi Lucy

If I contact Customer Services will I loose my self-service reward?
Userlevel 5
Badge +2
If there is proven to be something wrong with your account, you shouldn't do but if you want to play it safe, contact the Social Team instead.

Lucy

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