E.ON is buying OVO Energy: here's what it means if you're an OVO customer

If you are an OVO Energy customer and you woke up to the news that your supplier is being sold, it is completely understandable to feel a bit unsettled. Energy companies changing hands can feel like it signals disruption — but the reality right now is much more straightforward, and there are just a few things worth knowing.

Here is what happened, what it means for you, and what you actually need to do.

What has been announced?

On 11 May 2026, OVO agreed the sale of its energy retail business to E.ON, subject to regulatory approvals. The transaction includes OVO's retail customers and all the staff who support them. The combined business would have around 9.6 million customers, making it the UK's largest energy supplier and overtaking the current biggest, Octopus Energy.

The deal is not done yet. It still needs to be reviewed and approved by UK regulators, including the Competition and Markets Authority. That process is expected to complete in the second half of 2026, and until it does, E.ON and OVO will continue to operate as entirely separate companies

What does it mean for OVO customers right now?

The short answer is: nothing changes yet. Your energy supply, your tariff, and the way you interact with OVO all stay the same. The same teams will continue to support you, just as they do today.

E.ON has confirmed that existing tariffs will be honoured in full and service will continue unchanged. You do not need to do anything, and you can still switch suppliers if you wish. Your credit balance is protected regardless of the outcome of the regulatory process.

OVO has written to customers directly to confirm all of this, so if you have not yet seen a message from them it may be worth checking your inbox or your OVO online account.

Why is OVO being sold?

OVO recorded a net loss of £135 million in 2024 and flagged uncertainty over whether it could meet the financial resilience targets set by Ofgem, the energy regulator. Those targets require energy suppliers to hold minimum capital buffers to absorb market shocks - a lesson learned from the wave of supplier collapses during the 2022 energy crisis.

In other words, OVO needed a buyer with deeper pockets and long-term investment capacity. E.ON, which is part of a large European energy group, fits that description. OVO founder Stephen Fitzpatrick said energy retail has become "more regulated, more capital intensive and increasingly dependent on long-term investment and scale" and that the sale was "the right next step for customers.

What about OVO Home Services - boiler cover and insurance?

This is the part that affects a smaller but still significant group of customers, and it is worth reading carefully if you have boiler cover or a home services policy through OVO.

OVO has agreed to sell its Home Services business - including its boiler insurance and boiler servicing -separately to an energy services company called Hometree. That deal is also subject to regulatory approval and is expected to complete in the summer of 2026. Hometree has confirmed that customers' contracts and prices will be honoured with no changes.

If you have boiler cover through OVO, keep an eye on your post and emails over the coming weeks. You should receive direct communication from OVO before anything changes, and your cover remains valid in the meantime. If you need to make a claim before the deal completes, you do so through OVO exactly as you would today.

Should I switch energy supplier?

You are free to switch at any time and the merger announcement changes nothing about that. Whether it makes sense to switch right now depends on your current tariff, not on the deal itself.

If you are on a fixed tariff with OVO, that rate is guaranteed for its full term. If you are on a variable tariff, it is worth knowing that Ofgem is due to confirm the July price cap on 27 May, and most analysts expect it to rise significantly from the current level of £1,641. Anyone on a standard variable tariff may want to compare fixed deals before that announcement, regardless of which supplier they are with.

Comparing energy tariffs is free and takes a few minutes. You can do this through Ofgem's own accredited comparison services, listed at ofgem.gov.uk.

What happens next?

Regulators will now review the deal. If approved, the transition will happen gradually and OVO customers will be contacted well in advance of any changes. OVO has committed to keeping customers updated as things progress and to giving plenty of notice before anything changes.

If the deal is not approved, OVO continues to operate as it does now.

Either way, your energy supply is not at risk. The regulatory process exists precisely to make sure customers are protected during transitions like this one.