Ovo Energy’s SSE acquisition gets CMA green light

The Competition and Markets Authority has cleared Ovo Energy’s £500 million acquisition of SSE SSE Energy Services. The acquisition, which includes energy and home services customers, will  make Ovo the UK’s second largest energy supplier. CMA was required to consider whether it ”may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services”. In fact, the CMA made its decision well ahead of the 18 December deadline.

Ovo has already announced plans to drive emissions down to zero in its own operation by 2030 and help its customers halve their carbon footprint over the same period.

Meanwhile Ovo has announced a ‘partnership’ with Mitsubishi Motors in the UK. The two companies say they will offer ‘green solutions’ to customers to be annunced later.

Mitsubishi, also known as The Colt Car Company, sells the Outlander plug-in hybrid SUV in the UK, and responding to concerns over such vehicles it says the plug-in hybrid technology “provides drivers with their first experience of electric motoring while also greatly reducing road noise and improving air quality in urban areas when driving in electric mode”. It has a 28 mile electric range.

Tom Pakenham, director of EVs, OVO Energy said: “We’re delighted to partner with Mitsubishi Motors to explore innovative and exciting ways to benefit our customers and the environment.”

 

Further reading

Ovo takes stake in PPA platform Renewable Exchange

Ovo aims to halve customers’ carbon footprint by 2030, offer heat pumps to replace gas boilers

Ovo Energy to acquire SSE’s household energy and service customers

SSE and Npower and the failed merger: devil in the detail

SSE Npower retail merger falls through

 

 

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