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(Bloomberg) — UK energy supplier Ovo Energy Ltd. is set to pay £10.4 million ($14 million) after an investigation by the nation’s watchdog found its actions had put customers at risk.
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The settlement follows findings that the company failed to adequately monitor customers using prepayment meters, Ofgem said in a statement on Wednesday. Those users are often among the most vulnerable households.
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The payments include £7 million to Ofgem, as well as £3.4 million in debt relief and credit for some of Ovo’s most vulnerable customers. Separately, the firm is also in the process of paying £1.1 million to customers in the Scottish Highlands and Islands after problems with access to engineering services.
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The UK retail energy market remains fragile, with millions of households burdened by debt that has accumulated since the energy crisis triggered by Russia’s invasion of Ukraine. Some suppliers were found during this period to be forcefully installing prepayment meters with the regulator since dishing out fines for the practice.
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Meanwhile, bills are set to soar this summer as rising tensions in the Middle East, including the conflict involving Iran, have sent gas prices to their highest level since 2023.
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Ovo is in the process of being acquired by EON SE after struggling to meet tougher financial resilience requirements introduced by the regulator to better protect suppliers against market shocks.
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Separately, Ovo was fined £2.7 million earlier this year after failing to repay vulnerable customers under the Warm Home Discount program.
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(Corrects number in headline and lede to remove payment for a separate settlement.)
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