Ovo Energy takeover: E.On to buy Ovo; customers urged not to panic

Marc Spieker, COO at E.On, described the UK as an important growth market and said energy flexibility and electrification are critical to the energy transition. Ovo founder Stephen Fitzpatrick stated the planned deal is the right next step for customers, staff and the zero-carbon transition.

Uswitch noted Ovo customers might be nervous but said credit balances would be protected and customers would be transferred across automatically if the deal is approved.

Consumer group Which? stated that existing tariffs would be honoured in full and gas and electricity supply would be unaffected during the regulatory review. Customers were told they do not need to take any action, and they would still be able to switch supplier if they wish.

Regulators will examine the proposed takeover before any approval is granted. The companies said there would be no change for customers during the regulatory review, and the process could lead to a decision later in the year.

Rival energy group E.On announced plans to buy Ovo, which serves about 4 million customers. E.On has roughly 5.6 million customers. If the deal proceeds, it would create Britain’s largest energy supplier, with more customers than the current top, Octopus. The two companies will continue to operate separately while regulators review the takeover, which could be approved later this year. The deal's value has not been disclosed; previous reports have suggested it could be as much as £600m.