OVO energy takeover announced, customers urged no need to panic

LONDON: The OVO Energy customers have been told that all the existing tariffs will be honoured in full and their gas and electricity service will be unaffected after the E.ON announced to buy the company.

A planned takeover is set to create Britain’s largest energy supplier, overtaking current market leader Octopus in customer numbers.

Under the proposed deal, E.ON UK, which serves around 5.6 million customers, would acquire OVO Energy, which has about four million customers.

Both companies will continue operating separately while the deal undergoes regulatory review, with approval expected later this year.

Although the value of the transaction has not been officially disclosed, earlier estimates suggest it could be worth up to £600 million. Regulators are expected to scrutinise the deal before granting any final approval.

Both firms have assured customers that there will be no immediate changes. Existing tariffs, including fixed-rate contracts, will be honoured for the full duration, and customers will not need to take any action during the review period.

Energy experts also emphasised that supply continuity and credit balances would remain protected, even if the deal goes ahead.

Price comparison site Uswitch noted that while some customers may feel uncertain, their accounts and balances would be automatically transferred under any approved deal.

E.ON executives described the UK as a key growth market, highlighting the importance of energy flexibility and electrification in the transition to cleaner systems.

Ovo’s founder also said the move represents a “right next step” for customers, employees, and efforts toward achieving net zero goals.