EON Set to Acquire Ovo to Create Top UK Energy Supply Giant

EON SE announced it would acquire Ovo Energy Ltd, potentially creating the largest energy provider in the UK, according to a statement.

Ovo has been struggling to meet tougher financial resilience rules imposed by the industry regulator Ofgem, which require suppliers to hold minimum capital buffers to handle market shocks like the 2022 energy crisis. The deal underscores how tighter regulation and rising customer debt are reshaping the UK retail market, favoring larger suppliers with the balance sheet to absorb shocks.