OVO ENERGY LTD
Company number: 06890795
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
17 January 2023
Approved by:
VINCENT CASEY
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 91%
- in 31 to 60 days: 6%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Our minimum 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 minimum 30 days, and also direct debit payments.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
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 in the first instance. Any unresolved issues are escalated to the OVO purchaser associated with the invoice. Disputes are handled by a combination of the accounts payable team and the relevant purchasing department. Senior management can be escalated to if issues are not satisfactorily resolved.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
No
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No