Following newly instated regulations by the UK’s energy watchdog Ofgem, reports say a seventh electricity company is set to emerge early next year after npower agreed to divest 770,000 customer accounts.
Reports say the accounts make up npower subsidies Electricity Plus and Gas Plus; both were sold to Telecom Plus on Wednesday for more than $350 million.
The sale was made to align with new Ofgem rules that cap the number of tariffs on offer for UK consumers at four.
According to npower, the sale creates the largest independent player in the UK energy sector.
The move also comes as consumers consider switching to smaller companies from the top six rivals following rising energy costs.
Full Content: Sky News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Justice Department Moves to End NCAA Transfer Rule
May 30, 2024 by
CPI
Kenya’s Competition Authority Proposes Tougher Regulations on Big Tech
May 30, 2024 by
CPI
KKR Secures EU Antitrust Approval for $24 Billion Acquisition of Telecom Italia’s Fixed-Line Network
May 30, 2024 by
CPI
European Court Sides with Tech Giants in Italian Regulatory Dispute
May 30, 2024 by
CPI
US Steel and Nippon Steel Secure International Approvals for $14.9B Merger
May 30, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI