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OVO became one of Britain’s biggest suppliers in 2020 after it acquired SSE’s retail business for £400m.
However, OVO has been plagued by various financial problems over the past few years. It reported a net loss of £135m in 2024. Last year, it warned that a “material uncertainty” hung over its future because it was having difficulty meeting financial resilience targets and has racked up £17m in regulatory fines in the last decade, including a £2.7m charge earlier this year for failing to pass on government support payments quickly enough.
A merger between E.ON and Ovo Energy would create a giant supplier with around 9.7 million customer accounts. This means they would surpass Octopus Energy, which has more than eight million, as Britain’s biggest household supplier of electricity tariffs. The company would still only be the third largest provider of domestic gas, covering 23pc of the market, after Octopus and British Gas, which cover 27pc and 25pc respectively.
EDF has effectively ruled itself out of the running and has not held talks with Ovo since earlier this year.
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