E.On to buy rival Ovo to create UK energy supply giant

Danni Hewson, head of financial analysis at AJ Bell, said: “Energy bills will be front and centre of regulators’ minds when they assess E.On’s proposed takeover of supplier Ovo.

“The combined company would become the UK’s biggest supplier, and with size comes stability and the opportunity to invest in crucial infrastructure as the transition to greener options speeds up.

“But fewer companies will dilute competition and ultimately consumers could be the ones to lose out – although Ovo customers have been told any existing deals will be honoured.”