According to reports, the energy supplier will cut a quarter of its workforce in order to cut costs. The energy supplier is expected to announce the redundancy programme as early as Friday. It is thought the move equates to 1,700 jobs.
According to Sky News, the company will increase minimum staff pay to £12 an hour.
It will also bring all customer-facing jobs back to the UK from overseas.
Ovo will also open a new training facility in Glasgow.
The company, which was started in 2009, will also consolidate its workforce in London, Bristol and Glasgow.
The company has 4.5 million customers and is only smaller than Centrica's British Gas and E.ON Next, the brand which combines E.ON and npower.
This comes as the supplier was forced to apologise after it issued ill-timed advice for customers to keep warm.
In a blog post to its SSE Energy Services customers, the company advised its customers to open curtain when its warm, cuddle pets or even keep the oven door after they've finished cooking.
They were part of a list of 10 ways to cut costs this winter.
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The post was later deleted from the SSE webpage.
A statement from Ovo later read: "We are embarrassed and sincerely apologise.
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Bulb, was the UK's seventh-largest supplier but went bust last November.
It has now entered into a special administration regime while it is operated by the Government, with companies expected to bid for its customer base.
Earlier this month, it was reported that Together Energy is now lining up administrators amid its impending collapse.
In April, Ofgem is set to announce a rise in the energy price cap, with experts it could rise to £2,000.
In order to soften the blow, the Government has been urged to scrap VAT on energy bills.
Ovo Energy declined to comment on the story when approached by Express.co.uk.