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Ovo set to lay off a quarter of its staff due to the energy crisis | Gas | Latest News Headlines

Ovo set to lay off a quarter of its staff due to the energy crisis | Gas

| Today Headlines | World News

Ovo Energy is preparing to cut a quarter of its workforce in a bid to cut costs amid growing industry crisis.

The third British supplier of gas and electricity is expected to announce on Thursday the loss of 1,700 out of 6,200 jobs as part of a voluntary redundancy plan. Gas market prices last month hit a record high of £ 4.50 per therm, around nine times higher than at the same time last year.

Earlier this week, the company said it was “embarrassed” after sending an email advising customers to cut their heating bills by “having a cuddle with their pets,” by eating ” hearty bowls of porridge “and” doing some stargazing “.

The layoff plan, first reported by Sky News, will be announced alongside a pledge to raise the minimum wage across the company to £ 12 an hour and to ‘relocate’ all jobs in contact with customers in UK.

It is also understood that Ovo will open an academy in Glasgow and consolidate its sites at three sites in London, Bristol and Glasgow.

Record increases in wholesale gas and electricity prices have prompted the government to look for ways to lessen the effect on the cost of living in Britain.

Campaigners fear energy poverty will rise to its highest level since records began without government intervention, warning 6 million UK homes may not be able to pay their energy bills after further price hikes in spring.

Ovo, which has around 4.5 million UK customers, was founded by Stephen Fitzpatrick in 2009 and was acquired by SSE’s retail customers two years ago.

It is the third largest energy company behind British Gas de Centrica and E.ON Next, the brand of E.ON and npower customers. It is also supported by the Japanese industrial group Mitsubishi.

Ovo declined to comment.

Top Stories Today Headlines Ovo set to lay off a quarter of its staff due to the energy crisis | Gas

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