OVO agrees sale of energy retail business to E.ON and Home Services business to Hometree

11 May 2026, London: OVO has agreed the sale of its UK energy retail business to E.ON, subject to regulatory approvals. 

The transaction includes OVO’s retail customers and everyone who works at OVO to support them. Until the approval process completes, which is expected later this year, OVO and E.ON will continue to operate as separate companies and there will be no immediate changes for customers.  

OVO has also agreed to sell its Home Services business, which provides boiler insurance and boiler servicing, to Hometree, subject to regulatory approval.

Since its foundation in 2009, OVO has grown into one of the UK’s leading energy suppliers, serving millions of households and pioneering the technology to help customers make greener choices and save money. The business has remained resilient through a period of unprecedented volatility in global energy markets, including the recent energy crisis. 

The UK energy market has undergone significant change in recent years. Expectations on financial resilience, alongside increasing regulatory oversight, have reshaped how suppliers operate at scale. These changes have altered the economics of the sector, particularly for standalone energy retail businesses. 

In its next phase of evolution, the market will favour greater scale and access to long-term capital to continue investing in the energy transition. Following a review of its strategic options, OVO concluded that a sale to E.ON provides the strongest long-term platform for the business and its customers.

Over time, being part of a larger energy group is expected to support continued investment in products and services that help households manage their energy use and adopt low-carbon technologies.

OVO will work closely with E.ON and Hometree through the regulatory process to support a smooth transition for OVO and its customers.

On completion of E.ON’s acquisition of OVO, E.ON will continue the existing energy intelligence platform licence agreement with Kaluza in respect of OVO’s customer base. Kaluza simplifies energy billing, reduces cost to serve and enables faster product innovation to support the energy transition. The parties will also evaluate the potential adoption of Kaluza across the wider E.ON group outside of the UK.

Further updates will be provided as the sale process progresses. 

Stephen Fitzpatrick, Founder of OVO, commented:

“Sixteen years ago I started OVO with a simple belief: energy should be cheaper, greener and simpler and it should work for customers. That belief built one of the country’s largest energy companies and pioneered a completely new customer centric approach. The team has consistently pushed the rest of the industry to raise its game and I am genuinely proud of what we have built.

“Energy retail is now more regulated, more capital intensive and increasingly dependent on long-term investment and scale. In that context, bringing OVO together with E.ON is the right next step for customers, for colleagues, and for the long-term commitment that decarbonisation requires.”

Dame Jayne-Anne Gadhia, Chair of OVO, commented:

“OVO is proud of the role it has played as a challenger brand over the past almost 20 years. Supported by our investors, we have powered multiple innovations in products and services for consumers, and pushed forward a greener, more affordable, and more efficient energy system.”

Chris Houghton, CEO of OVO, commented:

“The energy market has fundamentally changed in recent years. OVO was founded to challenge the status quo, and we’ve built a strong retail business focused on delivering for customers and supporting the transition to cleaner energy.

“As the market has evolved, scale and access to significant long-term capital for the energy transition have become non-negotiable. Following a thorough review, we believe this decision gives the business the strongest footing for the future.

“I’m incredibly proud of what the team at OVO has built, and we will work closely with E.ON and Hometree to support our people and ensure a smooth transition for customers.”

Simon Phelan, Founder & CEO, Hometree commented: 

“This acquisition, alongside our partnership with Pollen Street Capital, marks a significant milestone for Hometree. Bringing OVO Home Services and CORGI HomePlan into the group is transformational – immediately increasing our scale and strengthening our position as the leading challenger in the UK home services market. Together, we are well placed to expand our offering and deliver greater peace of mind to homeowners, starting in the UK and, over time, across Europe. We also look forward to maintaining a close relationship with OVO Energy’s 4 million customer base through our long-term partnership as its exclusive provider of home services and residential renewable financing.”

ENDS 

Notes to Editors

Additional materials:

• Please find a link to the customer landing page https://www.ovoenergy.com/an-update-about-ovo. 

About OVO

In 2009, OVO was born to make energy better for people and the planet. Today, OVO is trusted by around four million customers with their home energy.

OVO’s multiple awards include the Best Place to Work for Women in The Sunday Times’ Best Places to Work 2023, which also saw the company coming in the Top 10 for Very Big Organisation.

OVO also won Company of the Decade at the BusinessGreen Leaders’ Awards 2020.