OVO completes acquisition of SSE Energy Services.
OVO Energy has completed the acquisition of SSE’s GB household energy business.
OVO Energy has announced that it now owns SSE’s GB household energy business. Through its retail brands OVO now serves almost 5 million customers.
A combination of SSE’s scale and OVO’s technology capabilities will enable millions more customers to decarbonise their homes, while keeping their costs down.
OVO Energy and SSE Energy Services will operate alongside each other, serving their customers as integration planning by their leadership teams continues.
Alistair Phillips-Davies, CEO of SSE plc, said: “We are very pleased to have completed this transaction, which we firmly believe is the best outcome for the business, its customers and its employees.”
Stephen Fitzpatrick, CEO and Founder of OVO, said: “We have an integration plan that leaders from both companies have collaborated on since September. There is a lot of work to do to bring the two businesses together, but we have a really strong combination of great talent, technology and customer centricity that will enable us to succeed.”
OVO have said that although they now own the business, customers payments and tariff won’t change. In the future, all customers expect more ways to help save energy, lower their carbon footprint, and keep their bills down too.
Following the announcement that the UK plans to be net zero by 2050, environmental bodies such as the Committee on Climate Change (CCC) have warned that urgent action must be taken to ensure this goal is met.
To accelerate the energy transition in London, Mayor Sadiq Khan has launched a new green energy company called London Power. The provider will be available excursively to Londoners in a bid to encourage more people to switch to renewable sources without having to pay more.
Stephen Fitzpatrick added: “SSE's history of excellence at scale combined with OVO's innovative technology and our Plan Zero commitments mean that together, as one team, we can bring millions more people with us on our journey towards zero carbon living.”
16 January 2020