Business · Companies · 3 days ago
E.ON Next completes deal to buy Ovo, concentrating Britain’s energy market
E.ON Next has completed its purchase of Ovo Energy after Britain’s competition watchdog approved the deal.
The change affects Great Britain’s household energy market, where E.ON Next now serves about 13.45 million gas and electricity accounts.
Octopus Energy remains the largest supplier, with British Gas in third place.
Together, those three companies serve almost three-quarters of households.
The deal follows years of change in a market once dominated by six large suppliers, while many smaller firms later collapsed during the 2021–22 energy crisis.
Fewer suppliers could mean less choice and weaker pressure to keep bills low, although larger firms may offer more stability.
Ovo’s four million households will see no immediate change, and the test in the coming years will be whether people who shop around can still find a genuine range of deals.
E.ON Next completed its deal to buy Ovo Energy, leaving three suppliers serving nearly three-quarters of Great Britain’s households.
E.ON Next now supplies 13.45 million gas and electricity accounts, equal to 25% of the household market.
Octopus Energy has a 26% share, while British Gas serves about 23%.
The deal has renewed concerns that fewer suppliers could reduce customer choice and weaken pressure to keep bills low.
E.ON UK chief executive Chris Norbury said the market remains fiercely competitive and that the company’s scale can benefit customers.
- Who
- E.ON Next bought Ovo Energy.
- What
- The deal makes E.ON Next Great Britain’s second-largest household energy supplier.
- When
- It was completed on Thursday; the article was published on 8 October 2026.
- Where
- Great Britain’s household energy market.
- Why
- Not stated
Competition concerns
E.ON UK
Market competition
Competition concerns
Fewer suppliers could mean less choice and less pressure to lower bills.
E.ON UK
The market is fiercely competitive, and E.ON’s flexibility and scale can deliver for customers.
Effects of larger suppliers
Competition concerns
Fewer suppliers could weaken competition and leave customers with less choice.
E.ON UK
Larger suppliers bring a degree of stability after about 30 firms left the market.
The big six have become the big three, and there have been questions raised over how this will impact household choice and the health of the market.
fiercely competitive
Larger suppliers do bring with them a degree of stability, and after about 30 firms dropped out of the market, leaving customers wondering who would be sending their next bill, stability is not something to dismiss lightly
A Competition and Markets Authority investigation warned that weak competition meant customers were overpaying by roughly £1.4bn to £1.7bn each year.
SSE sold its household supply business to Ovo.
Dozens of energy suppliers went bust during the energy crisis.
Bulb went into administration, and Octopus took on 1.5 million of its customers.
E.ON Next completed its deal to buy Ovo Energy after competition watchdog clearance.
- E.ON Next accounts
- 13.45 million gas and electricity accounts
- E.ON Next market share
- 25%
- Octopus Energy market share
- 26%, or 14.3 million accounts
- British Gas market share
- About 23%, or 12.5 million accounts
- Ovo households
- 4 million households had no immediate change to their supply
- Five-supplier market share
- About 90% when EDF Energy and Scottish Power are included
Sources
Related news
Airtel Money makes London debut at £5.3 billion valuation
Court overturns former Deutsche Bank trader’s interest-rate rigging conviction
Pensions can build long-term wealth and reduce tax bills
Airtel Money begins London trading after raising about $703 million
Virgin plans London routes to Paris, Brussels and Amsterdam from 2030
S&P keeps Britain’s credit rating at AA/A-1+ with a stable outlook
London’s antique jewellery trade draws on collections built during the British Empire
UK home prices were flat in September as mortgage rates reached 6%
Investors urged to prepare for possible tax changes ahead of Budget
Rising costs and extreme weather put pressure on UK farmers and food supply
UK economy forecast to shrink in August after strong summer growth
