Industry ranking
Score of 93.3/100 qualifies for PaymentCheck Certification
The average time taken for OVO (S) ELECTRICITY LIMITED to pay invoices has decreased from 24 days in April 2020 to 21 days in June 2022, indicating a trend of improving promptness in payments. This is further supported by a decrease in the percentage of invoices paid later than 60 days from 4% in April 2020 to 1% in June 2022.
The data for OVO (S) ELECTRICITY LIMITED shows a relatively stable trend in terms of promptness in payments. The average time taken to pay invoices has only fluctuated by 3 days, and the percentage of invoices paid within 30 days has remained consistently above 75%.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2022 - 30 Jun 2022 | 27 Jul 2022 | 21 | 94% | 5% | 1% | 9% |
| 01 Apr 2021 - 31 Dec 2021 | 26 Jan 2022 | 24 | 81% | 16% | 3% | 28% |
| 01 Oct 2020 - 31 Mar 2021 | 13 Jul 2021 | 26 | 75% | 20% | 4% | 72% |
| 01 Apr 2020 - 30 Sept 2020 | 13 Jul 2021 | 24 | 86% | 10% | 4% | 41% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our standard payment terms are 30 days after receipt of invoice. We hold individual agreements with some of our suppliers for differing terms ranging from immediate to the standard 30 days, and also direct debit payments.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
30
The Company has a dedicated accounts payable team, which can be reached by Email or Phone. Suppliers with invoice queries need to contact this team, and if the accounts payables ream is not able to resolve they escalate the issue to the buyer associated with the invoice. Disputes are handled by a combination of the accounts payable team and the buyer’s department who placed the order, and will be escalated to senior management if it cannot be resolved satisfactorily.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
OVO (S) Electricity Limited is a registered UK entity within the OVO Energy corporate group, with its recorded business classified as electricity distribution. The wider OVO Energy group operates as a household energy supplier, providing gas and electricity tariffs, smart meters and switching services to UK homes. The group also offers related products including electric vehicle charging plans, solar panel and battery installations, boiler cover and repair services, and a customer rewards scheme. OVO Energy states it launched in 2009 and has planted trees through its Planting Promise and OVO Foundation charity. This company's own registered role sits within that broader group structure rather than as a standalone consumer-facing trading brand.
Generated from the company's website and Companies House records. Sources: ovoenergy.com · ovoenergy.com