Energy supplier OVO Energy is reportedly “exploring its options, including bringing in a new investor or a sale”, Sky News has said.
According to the news article from Saturday (29 June), Sky News has reported that the energy supplier, which has around four million customers, is close to hiring Rothschild to assist with a strategic review of the business.
According to the report, the process is set to take “several months”, with an outright sale “unlikely at this point” and being explored only as part of the wider strategic review.
OVO Energy was recently named the fourth largest electricity supplier in the GB market, sitting behind Octopus Energy, British Gas and E.ON Next. However, it is worth noting that customer satisfaction rates for the energy supplier hit 61% between 30 August and 18 September 2023.
OVO Energy controversy and a new path for net zero
In April 2023, OVO set out what it described as a “new path to get the UK’s net zero mission back on track” with visions for a new customer plan and kitemarking system alongside the removal of Renewable Energy Guarantees of Origin (REGOs).
In recent months, the company has been embroiled in controversy. Energy regulator Ofgem revealed in May 2023 that due to errors, both Good Energy and OVO customers had been overcharged by almost £2 million. OVO overcharged 10,987 of its customers £1,492,917 above the energy price guarantee between October 2022 and March 2023.
A few months before this, OVO was found to be among several energy suppliers responsible for over 70% of 2022 forced prepayment meter installations. Of the prepayment meters installation figures, British Gas, Scottish Power and OVO Energy contributed to 66,187 of these.
Current± has reached out to OVO Energy for further comment.
