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Competition watchdog clears E.ON Next’s Ovo Energy takeover

After the deal closed, E.ON Next is set to hold 25% of the UK household energy market, or 13.45 million gas and electricity accounts.

Reported · Written up by our desk · Trade & Tariffs

E.ON Next has completed its deal to buy Ovo Energy after Britain’s competition watchdog cleared the takeover, despite concerns that consolidation could reduce incentives for suppliers to lower customer bills, The Guardian Business reports.

The watchdog said the shrinking number of household energy suppliers could leave bill payers with less choice, and the sale is not expected to bring immediate changes for the 4 million households currently supplied by Ovo.

Following completion, E.ON Next will become the UK’s second-largest energy supplier, behind Octopus Energy, and it already supplies 5.6 million households.

The transaction brings E.ON Next’s share of the household energy market to 25%, covering 13.45 million gas and electricity accounts.

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