E.On has announced that it plans to acquire OVO in a deal that could create the UK’s largest energy supplier, with more customers than Octopus.

Chris Norbury, CEO of E.On UK, said: “For decades the UK energy system focused too much on those upstream. Now is our opportunity to change that. Solar, batteries, EVs and a retailer built to orchestrate. That is what this deal is about: customers in control and new energy that works for everyone.”

Norbury added: “It is not about scale for its own sake. It is about building a retailer with the capability, the technology and the customer base to make new energy work for everyone. We chose OVO because it’s a modern digitally native business with great people and a shared belief that innovation is what can make energy affordable and sustainable for everyone.”

The transaction is subject to approval by the regulatory authorities, with clearance expected in the second half of 2026. Until closing is achieved, E.On and OVO will operate as two fully independent businesses.

On completion of any acquisition of OVO Energy, E.On plans to continue the existing energy intelligence platform licence agreement with Kaluza in respect of OVO’s customer base.

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