5th Oct 2021 09:00
(Alliance News) - Ovo Energy is preparing a bid to buy rival energy supplier Bulb, the Financial Times reported on Monday, citing two people familiar with the matter.
Ovo's interest in Bulb was first reported by the Telegraph over the weekend.
The move would consolidate Bristol-based Ovo as one the biggest electricity and gas suppliers in the UK, the FT noted, after the collapse of 10 smaller competitors since August amid a profit squeezed caused by rising wholesale gas prices.
Bulb serves 1.5 million households, and this would push Ovo's total to 6 million, behind only Centrica PLC's British Gas, the newspaper said.
https://www.ft.com/content/6114abb9-31fb-44e7-acf0-d874d4c33112
More than 230,000 households have been moved to E.on Next after the energy supplier picked up the pieces from three failed rivals in the sector, regulator Ofgem said on Monday. It appointed E.on Next, part of E.ON SE to take on customers who were once on the books of Enstroga, Igloo Energy and Symbio Energy. Between them the three companies had 233,000 customers.
By Tom Waite; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Centrica