E.ON announces acquisition of UK energy supplier OVO

E.ON announces acquisition of UK energy supplier OVO
 

E.ON has today signed an agreement to acquire the UK energy supplier OVO, further strengthening its position in one of Europe’s largest energy markets. E.ON already supplies around 5.6 million customers in the UK. With OVO, around a further four million customers are expected to be added. This customer base in a highly developed and dynamic market environment enables E.ON to develop innovative energy solutions and scale them across Europe.

“The United Kingdom is an important growth market for E.ON, particularly for flexibility and customer‑focused energy solutions,” said Marc Spieker, Chief Operating Officer Commercial at E.ON. “The planned acquisition of OVO strengthens our retail business and underlines our commitment to be the trusted partner of choice for our customers. Energy flexibility and electrification are becoming increasingly important and are critical to the success of the energy transition. At E.ON, we are passionate about developing solutions that enable customers across Europe to play an active role in making our energy systems both, reliable and affordable.”

The planned transaction is focused on the continued expansion of a customer‑centric and increasingly digital energy business. With around seven million smart meters installed, E.ON and OVO together connect more than 60 percent of their customers in the UK in a fully digital manner. This high level of digitalization provides a strong foundation for further innovation in electricity, heating and e‑mobility. E.ON plans to bring innovations to Germany and continental Europe to make intelligent energy solutions available to customers across Europe on a large scale.

A particular focus is on flexibility solutions. Flexible energy usage enables customers to play an active role in the energy transition while significantly reducing their energy costs. E.ON already offers around 100 different energy solutions in the UK, with demand continuing to grow. The company invested early in digital solutions, smart tariffs and new service offerings, and today ranks among the highest‑rated energy suppliers in the country.

The parties have agreed not to disclose the purchase price. The planned acquisition is subject to regulatory approvals, especially by the UK regulatory authorities including the Competition and Markets Authority (CMA). Closing of the transaction is expected in the second half of 2026. Until regulatory clearance has been obtained and closing has been reached, E.ON Next and OVO will continue to operate as legally and operationally independent companies.

This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group Management and other information currently available to E.ON. Various known and unknown risks, uncertainties, and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to align them to future events or developments.