Competition watchdog likely to probe Ovo’s deal with SSE
Power switch: Ovo is acquiring retail customers
Competition watchdog the CMA is considering an investigation into Ovo Energy’s acquisition of rival SSE’s retail business.
Ovo last month announced the £500m deal which is scheduled to create the UK’s second largest energy supplier.
The challenger supplier, which was created 10 years ago, is already the largest independent energy supplier with 1.5 million customers and about 2,000 employees.
SSE Energy Services is the third-largest supplier in the GB energy market, supplying energy and related services to around 3.5 million household customers across GB. As well as electricity and gas, the business provides telephone, broadband, metering, boiler installation and maintenance services.
SSE’s customers and 8,000 staff were due to transfer to the new owner by the end of this year or early in 2020.
But the Competition and Markets Authority said today it is considering whether the move would result in “a substantial lessening of competition” in the UK energy market.