E.ON's takeover of Ovo Energy leaves three firms controlling THREE-QUARTERS of British homes

From the Newshound archive · first published 8 October 2026.

E.ON Next has completed its purchase of Ovo Energy following clearance from the UK's competition watchdog, with three suppliers — E.ON, Octopus Energy and British Gas — now commanding 74% of British homes. Critics say the collapse from 50 suppliers before the 2021 energy crisis to an effective 'big three' threatens to weaken downward pressure on bills. E.ON Next holds a 25% market share, fractionally behind Octopus at 26%, while British Gas stands at 23%. Energy consultancy Cornwall Insight warned that fewer rivals in the market means less incentive for suppliers to compete on price.

'The big six have become the big three,' Cornwall Insight's Tom Goswell warned, raising questions over household choice.

Ovo's 4 million customers will face no immediate disruption, though they will ultimately be folded into E.ON Next's existing 5.6 million accounts.

The five largest suppliers — Octopus, British Gas, E.ON, EDF and Scottish Power — will together account for 90% of the entire domestic energy market.