Energy supplier Ovo eyes Shell’s UK gas and electricity business – which would give it 1.4m more households
Energy supplier Ovo is eyeing Shell’s UK gas and electricity business, which would add 1.4m households to its books.
The Bristol firm is expected to put in an offer that would make it the second-largest energy supplier – a crown lost to Octopus Energy last year when it bought Bulb.
In 2019, Ovo bought SSE, putting it hot on the heels of Centrica-owned British Gas, which is the biggest supplier.
Expanding: Ovo is expected to put in an offer that would make it the second-largest energy supplier – a crown lost to Octopus Energy last year when it bought Bulb
Shell has hired the financial services firm Lazard to oversee the sale, with Centrica and Octopus Energy also mulling a potential bid, according to reports.
Ovo and Shell declined to comment. Shell is conducting a ‘strategic review’, spelling danger for thousands of jobs in the UK.
Energy companies reported record profits from oil and gas in 2022 as prices soared.
But retail arms have struggled to keep pace. This week Ovo became the first supplier to offer a deal below the Government’s £2,500 cap on household bills as gas prices start to fall.
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