E.ON has announced it plans to acquire OVO. The company said the acquisition would strengthen E.ON UK’s ability to deliver value for customers and grow its core retail business.
Chris Norbury, CEO of E.ON UK, said: “For decades the UK energy system focused too much on those upstream. Now is our opportunity to change that. Solar, batteries, EVs and a retailer built to orchestrate. That is what this deal is about: customers in control and new energy that works for everyone.”
E.ON Next listed its capabilities such as time-of-use tariffs; assets such as home batteries and EV charging; and integrated energy solutions designed to reduce bills over the
long term. It said “Together, these turn homes into active participants in the energy system. Every kWh shifted, stored or self-generated is value that would otherwise have been captured somewhere else in the chain. Scale amplifies the benefit – for individual customers and for the system as a whole.”
It said that “A larger, digitally native E.ON UK accelerates the shift to a customer-led energy system”. Norbury added: “That is the principle behind this deal. It is not about scale for its own sake. It is about building a retailer with the capability, the technology and the customer base to make new energy work for everyone.”
The transaction is subject to approval by the regulatory authorities, with clearance expected in the second half of 2026. Until closing is achieved, E.ON and OVO will operate as two fully independent businesses.
On completion of E.ON’s acquisition of OVO Energy, E.ON will continue the existing energy intelligence platform licence agreement with Kaluza in respect of OVO’s customer base. Kaluza simplifies energy billing, reduces cost to serve and enables faster product innovation to support the energy transition. The parties will also evaluate the potential adoption of Kaluza across the wider E.ON group outside of the UK.