Ovo insists it will hit resilience measures

VO has insisted it is “committed” to meeting financial resilience rules set by the industry watchdog after its accounts warned about a “material uncertainty” over its future following its failure to meet the targets.

- HOLLY WILLIAMS

The group one of Britain's biggest suppliers with around four million customers - fell short of Ofgem's new regulatory targets to ensure financial strength among suppliers, which came into effect at the start of April.

Britain's biggest household energy provider, Octopus, is also not meeting the targets, alongside another as yet unnamed company.

Bristol-based Ovo's chief financial officer James Davies said in the firm's accounts it was “committed to improving its capital position and is working closely with Ofgem to deliver a capitalisation plan to meet the minimum capital requirement”.