EON and OVO customers have been issued an update regarding their energy supply following the announcement of a major takeover. EON has agreed to acquire its struggling UK rival OVO in a deal that will create Britain's largest gas and electricity supplier by the number of households served.
Combined Customer Base
The combined company will supply approximately 9.6 million customers, surpassing the current market leader Octopus, which serves nearly 8 million homes in the UK. EON currently has about 5.6 million customers in the UK, while OVO serves 4 million.
Customer Assurance
Emily Seymour, energy editor at consumer group Which?, advised OVO customers not to panic. She stated: "If you're an Ovo customer, don't panic, your gas and electricity supply will continue as usual. E.On have assured customers that existing tariffs will be honoured in full and service will continue unchanged. You don't need to do anything and you're still able to switch supplier if you wish."
Expert Insights
Sabrina Hoque, Uswitch energy expert, commented: "E.ON's planned acquisition of OVO would bring together two of the UK's largest energy suppliers. OVO customers may be nervous about their current energy supply, but nothing should change in the short term, and their service will continue as normal."
She added that the deal requires regulatory approval, which can take time, and both suppliers will operate independently until then. If approved, energy supply will continue for all households, and credit balances will be protected as customers are transferred automatically. EON has promised to honour any existing fixed tariffs that OVO customers are locked into for the duration of their contract.
No Immediate Action Needed
Uswitch emphasised: "There's no immediate cause for action for customers of either E.ON or OVO, as the entire merger process will take time and be well communicated throughout." However, they recommend customers check the current market to ensure they are on the best energy deal for their home.
Sabrina Hoque concluded: "A shift in the industry like this is always a good prompt to check whether you're on the best deal available. If you're on a standard variable tariff with either supplier, it's worth comparing energy deals right now as you may find you can save money by switching to a fixed deal."
