Ovo, the household energy supplier, is eyeing further deals less than two years after completing its takeover of rival SSE’s retail unit. The country’s third largest supplier is poised to consolidate its position as soaring gas and wholesale power prices destabilise rivals. The Telegraph understands Ovo is looking at deal opportunities including Bulb, the country’s sixth largest provider, which is reportedly seeking new funding. Ovo could face rivalry in that process from Octopus, another challenger brand which has also been linked to Bulb. Wholesale gas prices have risen about six-fold since last year and wholesale power prices about five-fold amid a global crunch in gas supplies. Nine small suppliers went bust during September, affecting about 1.7m consumers who are moved onto new providers under the regulator’s safety net.
Telegraph 3rd Oct 2021 read more »