German energy company Eon has completed its acquisition of Ovo Energy, elevating it to the position of the second-largest domestic energy supplier in the United Kingdom. The deal, finalised in October 2026, places Eon just behind Octopus Energy in market share and ahead of British Gas, based on the number of gas and electricity accounts supplied.

According to data from Cornwall Insight, an energy consultancy, Eon now supplies approximately 25 percent of the UK domestic energy market, compared to Octopus’s 26 percent and British Gas’s 23 percent. These figures reflect the total number of fuel accounts rather than households, as many consumers purchase both gas and electricity through a single supplier. Counting by household numbers would position Eon as the largest supplier, as the company serves about 5.6 million households under its Eon Next brand and an additional 4 million under the Ovo brand. British Gas reported supplying around 7.5 million households as of June 2026, while Octopus serves about 8.2 million households.

Ovo Energy, established in 2009 by Belfast-born entrepreneur Stephen Fitzpatrick, was among the first new entrants to challenge the UK's "Big Six" energy suppliers. However, the energy market in the UK has seen significant consolidation, particularly following the energy crisis in 2021-22 that led to the collapse of several smaller firms. Ovo’s acquisition by Eon was ultimately agreed upon after the company's attempts to secure additional funding to operate independently were unsuccessful.

The transaction expands Eon’s customer base to nearly 13.5 million accounts, reinforcing the presence of the five largest suppliers—Eon, Octopus, British Gas, EDF, and Scottish Power—which collectively control about 90 percent of the market. This consolidation underscores ongoing shifts in an increasingly competitive and evolving energy sector.

Eon has indicated there will be no immediate changes affecting customer tariffs or service arrangements. The company said existing tariffs for both Eon Next and Ovo customers will be maintained in full, with customer service channels remaining unchanged. Any future alterations that impact customers will be communicated well in advance.

Chris Norbury, chief executive of Eon UK, emphasized the need for scale and flexibility to succeed in the current market landscape, highlighting the company's commitment to adapting the energy system for future demands. Meanwhile, industry analysts point to the acquisition as a significant event reflecting broader trends of consolidation and competition within the UK energy supply sector.