E.ON has signed an agreement to acquire OVO, a UK energy supplier, in a move that would add approximately four million customers to E.ON’s existing base of around 5.6 million in the United Kingdom. The acquisition further strengthens E.ON’s position in one of Europe’s largest energy markets and advances its strategy to develop and scale innovative energy solutions across the continent. The purchase price was not disclosed. The transaction is subject to regulatory approvals including review by the UK Competition and Markets Authority, with closing expected in the second half of 2026.
The combined entity would connect more than 60% of its UK customers in a fully digital manner, supported by around seven million smart meters installed across both companies. E.ON said this high level of digitalization provides a strong foundation for further innovation across electricity, heating, and e-mobility. The company currently offers around 100 different energy solutions in the UK and said it plans to bring innovations developed in that market to Germany and continental Europe, making intelligent energy solutions available to customers across the region at scale.
A particular focus of the combined platform will be flexibility solutions — smart tariffs and energy management tools that allow customers to actively participate in the energy transition while reducing their costs. E.ON said it invested early in digital solutions and smart tariffs in the UK and today ranks among the highest-rated energy suppliers in the country. Until regulatory clearance is obtained and closing is reached, E.ON Next and OVO will continue to operate as legally and operationally independent companies.
KEY QUOTE:
“The United Kingdom is an important growth market for E.ON, particularly for flexibility and customer-focused energy solutions. 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.”
Marc Spieker, Chief Operating Officer Commercial, E.ON
