Energy supplier with 300,000 customers put up for sale as owners pull plug

The future of So Energy is uncertain after its parent company launched a search for a buyer

Hundreds of thousands of households could soon see their energy supplier come under new ownership following a major shake-up in the market.

The potential deal is likely to raise questions among customers about what it could mean for their tariffs, account balances and energy services.

So Energy, which supplies gas and electricity to around 300,000 UK homes, has been put up for sale by its Irish parent company, according to Sky News.

The Electricity Supply Board (ESB) has decided the supplier no longer fits with its long-term plans following a review of the business.

The Dublin-based energy group has appointed PricewaterhouseCoopers (PwC) to oversee the process, with advisers understood to have started approaching several leading energy companies about a possible takeover.

ESB has held a majority stake in So Energy since 2021, six years after the British supplier was founded.

While no buyer has yet been confirmed, the search for a new owner represents a significant development for So Energy customers, who may want reassurance over the future management of their accounts.

However, a change of ownership would not automatically affect existing energy supplies, and customer credit balances would remain protected under industry rules.

ESB is believed to view So Energy as a well-established business and is seeking an orderly sale to another owner.

A spokesperson for the parent company stated: "Our parent company, ESB, has initiated a process to evaluate potential divestment options for So Energy."

They added: "Following a strategic review, ESB plans to focus on its core business."

The spokesperson characterised the supplier as "a well-run, fully hedged and efficient supplier with a secure customer base and a decade-long record of excellent customer service."

Customers concerned about the implications of a change in ownership have been told there is no cause for alarm.

So Energy moved quickly to reassure households that it remains "business as usual, with customers' energy supply and support unaffected."