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Eon has announced the acquisition of OVO, a UK residential energy supplier, which will also coincide with a huge change for customers.

The E.ON Group said it represented a significant investment in the UK market and it would put control in customers' hands and bring bills down.

For customers of both E.ON Next and OVO there will be no change during the regulatory review period and existing tariffs will be honoured in full and service will continue unchanged.

Chris Norbury, CEO of E.ON UK, said: "For decades the UK energy system focused too much on those upstream. Now is our opportunity to change that. Solar, batteries, EVs and a retailer built to orchestrate. That is what this deal is about: customers in control and new energy that works for everyone."

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