SSE to sell energy business to Ovo
Big six energy supplier SSE has announced that it plans to sell its domestic energy business to Ovo Energy.
The sale, which needs to be approved by the Competition and Markets Authority and the Financial Conduct Authority, would see SSE's 3.5 million energy customers move to Ovo.
SSE's broadband and home phone customers will also be moved over to Ovo as part of the deal.
SSE is currently the UK's third largest energy provider, with British Gas taking poll position. If the sale goes ahead, it would make Ovo Energy the second biggest home energy provider in Great Britain based on the number of customers, with around five million users in total.
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I'm with SSE – what does this mean for me?
Ovo told us it expects to hear if it's got the green light to buy SSE Energy Services early next year, so until then nothing changes.
If the deal does go ahead, SSE told us that customers on fixed energy tariffs will have their deal honoured until the end of the fixed term.
We have asked both Ovo Energy and SSE what this sale might mean for SSE's existing energy customers on standard variable rate tariffs, however both said it's too early to tell what would happen at this stage.
If the deal does go ahead, Ovo says it will contact customers to explain what will happen.
What does SSE say?
SSE chief executive Alistair Phillips-Davies said: "Ovo shares our relentless focus on customer service and has a bold vision for how technology can reshape the future of the industry.
"I'm confident that this is the best outcome for the SSE Energy Services business."
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