Ovo's future in doubt as it fails financial stress tests

Ovo Energy has cast doubt on its future as one of Britain’s largest domestic gas and electricity suppliers after failing to meet the regulator’s financial standards.

- Jillian Ambrose

The company, founded by the green energy entrepreneur Stephen Fitzpatrick, said in its latest financial accounts that there was “uncertainty” over the plan it had agreed to improve its capital position.

“This creates a material uncertainty which may cast significant doubt on the group’s and company’s ability to continue as a going concern,” it added.

Ovo, which powers about 4m homes, is one of three suppliers that have failed to meet new financial resilience standards put in place after the energy crisis caused dozens of firms to collapse.