OVO is now officially owned by E.ON: the short answer
OVO is now officially owned by E.ON, and the big three energy suppliers hold roughly three quarters of British homes.1 Octopus Energy holds about 26%, E.ON Next including OVO about 25% and British Gas about 23%.2
The E.ON OVO merger two weeks on has changed nothing on an OVO bill, and the CMA attached no conditions.
- Only trackers undercut the £1,723 cap in the 28 October feed, led by the Fuse Energy tracker at £1,669 a year.
- Term for term, So Energy's fixed deals cost more than the Octopus Energy equivalents.
- OVO customers see no rate change, and the CMA imposed no remedies.
Big six becomes big five: who holds the market now
Completion put about 4 million OVO customers under E.ON, leaving the top five with about 90% of household supply.2
| Supplier | Share |
|---|---|
| Octopus Energy | about 26% |
| E.ON Next including OVO | about 25% |
| British Gas | about 23% |
| All others | about 26% |
Big three vs challenger fixed deals, priced
The cap for October to December 2026 stands at £1,723 a year at current typical use of 2,500 kWh of electricity and 9,500 kWh of gas.7
| Tariff | Group | Cost a year | Versus the cap | Exit fee |
|---|---|---|---|---|
| Fuse Energy Single Rate Tracker | Challenger, tracker | £1,669 | -£54 | £100 |
| EDF Energy Simply Tracker | Big five, tracker | £1,671 | -£52 | £100 |
| ScottishPower Cap Tracker | Big five, tracker | £1,706 | -£17 | £50 |
| Octopus Energy 18-month fixed | Big three, fixed | £1,891 | +£168 | £75 per fuel |
| Octopus Energy 12-month fixed | Big three, fixed | £1,947 | +£224 | £50 per fuel |
| So Energy Narwhal Loyal 24m | Challenger, fixed | £1,948 | +£225 | £90 per fuel |
| So Energy Narwhal 18m | Challenger, fixed | £2,000 | +£277 | £90 per fuel |
| So Energy Narwhal 12m | Challenger, fixed | £2,037 | +£314 | £71 per fuel |
The challenger fixes cost more term for term, since So Energy's 18-month deal is £109 a year above the Octopus Energy 18-month deal, and its 12-month deal is £90 above.
A tracker follows every quarterly cap change, so it can sit above a fix after the next announcement, as the SwitchInsights tracker vs fixed analysis shows.
What changes for OVO customers, now or at renewal
Rates do not change now, because E.ON says tariffs are unchanged and fixed deals run to their end date.15
No migration date for the OVO app or account, and no renaming of OVO products, has been confirmed as of October 2026.5
On a default tariff you pay the £1,723 cap level, so the merger gives no reason to wait.
Does Ofgem or the CMA step in at 75% market concentration?
No published concentration level triggers Ofgem, because merger control sits with the CMA.
The CMA cleared this deal at the first phase on 1 October 2026, and its case page lists no undertakings.3 A 25% share of supply gives the CMA jurisdiction to review a merger.8
Behavioural remedies in energy date from the CMA's 2016 market investigation, which ordered a temporary prepayment price cap.6
The best deals in a Big Three world
- Default tariff holders should compare now, because the cap is £1,723, and the cheapest deal in the feed is £1,669, a tracker.
- Want certainty, choose the Octopus Energy 18-month fix, which costs £1,891 a year, £168 above today's cap, whereas it insures against a rise.
- Considering a challenger fix, check service first, and read the SwitchInsights supplier complaints record before you commit.
- OVO customers on a fixed deal can do nothing yet, because the deal is honoured to its end date.
Earlier coverage is in OVO and E.ON merger confirmed: what happens next.
Compare live deals for your postcode on the SwitchPilot tariff tracker.
The SwitchInsights methodology: every price comes from the SwitchPilot daily rate feed at current typical use, as a median across 14 UK regions, set against the Q4 2026 cap. SwitchInsights analysis treats market shares as third-party figures.