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OVO to open £40million customer support package to help with energy bills | Personal Finance | Finance
Energy provider OVO will be opening an “extensive” support package worth nearly £40million to help vulnerable customers struggling with bills over the winter months.
The package will be open from October 1 and will provide those eligible with financial and practical support, from emergency top-up credit and payment reductions to energy-saving products to improve household efficiency.
Raman Bhatia, CEO of OVO, said: “Our Customer Support Package will provide immediate support to our customers who need it most right now. By working with partners like StepChange we can continue to directly help people facing hardship this winter and beyond.”
Ofgem’s energy price cap will fall from £2,074 a year for an average household to £1,923 from October to December and while this means rates will drop slightly, bills still remain staggering high.
Though the coming winter remains “challenging” for UK households, Vikki Brownridge, CEO of charity StepChange said: “The support announced by OVO will offer welcome relief to those continuing to struggle with the cost of living crisis.”
OVO’s customer support package
OVO’s customer support package dedicates nearly £40millon investment in payment support that will continue its suspension of pre-payment meter warrant activity until March 2024.
According to the provider, it will also provide emergency top-up credit or temporary payment reductions to eligible customers.
The package also includes £1million worth of free energy-saving products that help households stay warm and reduce their energy consumption, such as electric blankets and mattress toppers, draught excluders, LED bulbs and SMART sockets.
OVO will also provide £500,000 in funding to support key charities on the frontline of the cost of living crisis, including StepChange and Trussell Trust.
This fund will also go towards trialling community energy hubs that provide local communities with education and direct support in understanding how to manage their energy consumption.
How to apply for OVO’s customer support package
OVO’s Customer Support Package is available to customers of OVO Energy, Boost and SSE Energy Services.
In order to complete an application, OVO said customers will need certain information to hand, such as:
- Monthly disposable income – online tools can help work this out
- People may also need to provide up-to-date meter readings.
A statement on its website reads: “We can only accept your first application so please make sure all the information you enter is accurate.”
OVO is also calling on the Government to introduce new measures to help vulnerable Britons this winter.
This includes fronting a campaign to remove the standing charge, which is a fixed amount of money people must pay regardless of how much energy is used.
While this charge is set to increase in October, OVO noted that it will not be passing on the permitted rise.
It’s also calling for a new social tariff to be put in place by winter 2024 to protect those who cannot afford to heat their homes through the sustained period of high prices to come.
Mr Bhatia said: “Energy bills are set to stay high despite the recent price cap reduction. This leaves many households with stretched finances struggling to pay. We are calling for a reform of the unpopular standing charge and a social tariff for the most financially vulnerable.”
Ms Brownridge added: “Government must look at all options to deliver more to support consumers – particularly those on pre-payment meters – ahead of another bleak winter. StepChange has long called for the implementation of a social tariff, which will help to shield the most vulnerable in our society from continued high energy costs.”
The government has extended the validity of the Credit Guarantee Scheme for Microfinance Institutions-2.0 (CGSMFI-2.0) until August 31, 2026, or until guarantees worth Rs 20,000 crore are issued, whichever comes first.
It has also approved an increase in the maximum loan limit for large sized NBFC-MFIs and MFIs from Rs 300 crore to Rs 1,000 crore under the overall ceiling of 20% of assets under management, according to an official release.
The scheme aims to strengthen credit flow to the microfinance sector by providing guarantee cover through the National Credit Guarantee Trustee Co. against expected losses on lending by banks and financial institutions to NBFC-MFIs for onward lending to small borrowers.
As of now, loans totalling Rs 770 crore have been sanctioned under the scheme, reflecting early traction since its launch on March 20, 2026.
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The extension and enhancement in loan limits are expected to improve utilisation of the scheme and support higher credit flow to the NBFC-MFI ecosystem, thereby expanding access to affordable credit for small borrowers across the country.
The government has also retained key risk sharing provisions under the scheme, including guarantee coverage of 80 percent of default amount for small MFIs, 75 percent for medium entities and 70 percent for large NBFC-MFIs, along with a guarantee fee of 0.50 percent per annum on sanctioned amounts in the first year and on outstanding thereafter.
Interest rates under the scheme remain capped at EBLR or MCLR plus 2 percent per annum, while on-lending norms ensure lower borrowing costs for end microfinance customers.
ALSO READ: India Infrastructure Lender Seeks Dollar Loan After RBI Move
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Elon Musk’s SpaceX has attracted over $250 billion in investor demand for its initial public offering (IPO), far above the $75 billion the company is aiming to raise, Reuters reported on Wednesday, citing sources privy to the development.
The IPO, seen as the world’s biggest-ever, has recorded subscription of four times the original ask. According to reports, wealth funds based in Saudi Arabia and Kuwait have placed orders ranging from $1 billion to $5 billion each.
According to Reuters, SpaceX is still in the middle of its marketing campaign. SpaceX President Gwynne Shotwell and finance head Bret Johnsen were scheduled to attend a lunch meeting with roughly 300 institutional investors on Tuesday at Morgan Stanley in downtown Manhattan, which was hosted by Morgan Stanley Co-President Dan Simkowitz, Reuters reported.
Rather than final allocations, which will be determined at pricing, subscription levels show indications of interest.
ALSO READ: Starlink’s India Launch Hits Security Roadblock Before SpaceX IPO
In its roadshow presentation and IPO documents, SpaceX highlights the strength of its Starlink internet business as well as the distinctive character of its rocket-launching business, which it claims has been responsible for the majority of mass launched into orbit over the last three years.
Additionally, SpaceX highlighted a $23 trillion market potential, which the company linked to its artificial intelligence capabilities.
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Business
India’s Outward FDI Slumps To $4.49 Billion In May As Equity Investments Tumble, RBI Data Shows
India’s total outward foreign direct investment commitments declined 49.02 per cent month-on-month to USD 4.49 billion in May 2026 from USD 8.84 billion, mainly due to lower equity investments, loans, and guarantees issued by Indian companies, according to RBI data.
However, total financial commitments by Indian entities under overseas investment increased 34.6 per cent year-on-year in May 2026 from USD 3.34 billion, data showed.
Equity investments abroad dropped sharply to USD 1,247.82 million in May from USD 3,537.35 million in April, marking a decline of about 64.72 per cent.
Overseas loans extended by Indian companies also declined to USD 632.12 million in May from USD 1,299.69 million in April.
Guarantees issued, which formed the largest component of overseas commitments, fell to USD 2,608.83 million in May from USD 3,999.79 million in April, declining around 35 per cent. However, it increased from USD 1,122.37 million in May 2025.
In the equity investment segment, Indovida India invested USD 673.2074 million abroad, Tata International of USD 130 million, Arvind Advanced Materials of USD 58 million, and ONGC Videsh Rovuma of USD 31.09 million, RBI data showed.
ALSO READ | RBI Permits Banks To Lend Only To SEBI-Registered REITs; 80% Cash Positive Assets Must
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