Ovo Energy Takeover: Customers Told 'Don't Panic' as Deal Advances
A planned takeover of UK energy supplier Ovo Energy will honour all existing customer tariffs in full, the parties said. If approved, the deal would create one of Britain's largest energy suppliers.
A fresh round of consolidation is taking shape in Britain's energy market. The parties behind the planned Ovo Energy takeover said all existing customer tariffs will be honoured in full and there will be no service disruption.
If the deal proceeds it would create one of the country's largest energy suppliers. Executives said the resulting scale could lower wholesale costs and, over time, allow more competitive tariffs for households. Regulator Ofgem is still expected to scrutinise the transaction from a consumer protection angle.
Analyst firms said the transaction will not solve the United Kingdom's high household energy bills in the near term. Following the government's move to nationalise British Steel, debate over the future structure of the energy sector remains prominent on the Westminster agenda.
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