Competition watchdog clears takeover despite concerns that suppliers will have less incentive to lower bills

Almost three-quarters of households in Great Britain are now served by just three energy suppliers, after E.ON Next completed a deal to buy Ovo Energy despite fresh concerns about competition in the energy market.

The takeover concluded on Thursday after Britain’s competition watchdog cleared it, despite concerns that the shrinking number of household energy suppliers could mean bill payers will have less choice and suppliers will have less incentive to lower bills.