EDF in Talks to Acquire So Energy, Aiming to Expand UK Retail Customer Base

en.Wedoany.com Reported - On September 7, French utility group EDF is in talks to acquire UK energy retailer So Energy. So Energy is currently majority-owned by Irish state-owned power company ESB, and the transaction remains at the negotiation stage, with no valuation, offer price, or final deal terms disclosed, nor has a signed acquisition agreement been confirmed. So Energy stated that the company is evaluating a range of strategic options but declined to comment further due to commercial sensitivity.

If the deal is completed, EDF would add approximately 300,000 customers in the UK. EDF currently holds around 5 million customer accounts in the UK and operates residential electricity, gas, electric vehicle charging, solar, and home energy services. In February of this year, EDF disclosed plans to invest £15 billion across its UK businesses between 2026 and 2028; its UK customer business remains one of the group's core local segments.

Since its founding, So Energy has operated in the UK residential energy retail market, merging in 2021 with ESB Energy, the UK retail arm of ESB. Under the terms of that transaction, the combined business continued to operate under the So Energy brand, with ESB holding a 75% stake in the new entity. ESB disclosed that as of December 2024, So Energy supplied more than 500,000 residential electricity and gas accounts; So Energy's own public materials from 2026 state that it currently serves approximately 300,000 customers. The two figures respectively use account count and customer count metrics.

In addition to energy retail, So Energy also offers residential customers home energy services such as solar. If EDF ultimately completes the acquisition, the transaction scope is expected to include So Energy's existing customer portfolio and related retail energy operations, but as of now, neither party has publicly disclosed whether it involves brand retention, management team arrangements, employee transfers, the specific asset boundaries of the solar installation business, or the manner of ESB's exit.

Since acquiring a majority stake in So Energy in 2021, ESB has participated in the UK residential energy market through the company. ESB's annual report shows that after experiencing severe volatility in the UK energy market from 2022 to 2023, So Energy achieved its first operating profit in 2024. Should this potential sale advance to a formal agreement stage, further clarity will be required on the transaction consideration, the proportion of equity being sold, and the relevant regulatory and closing arrangements.