INDEX / DIRECTORY / OVO ENERGY / V-ECON

OVO Energy V-ECON

ECONOMIC AUDIT UPDATED 2026-05-18
V-ECON Score 0.64 /10 E OVO Energy — BDS-1000 46
V-ECON 0.64

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

OVO Energy — V-ECON Audit

Audit Scope

This audit is based solely on the cited public materials in the research memo, including OVO Group’s FY2024 annual report, OVO legal and corporate pages, supplier and modern-slavery disclosures, Companies House records, Ofgem licensing materials, and UN/OHCHR and Who Profits reference checks.1234567891011121314

Entity Overview and Corporate Perimeter

OVO states that it launched in 2009 and “start[ed] life in a barn in the Cotswolds,” and its legal and corporate pages describe it as a UK energy supplier rather than a food, produce, or general retail business.23 OVO Energy’s disclosed principal activities include energy retail, energy-platform and software development, boiler and heating cover, smart meter installation, and decarbonisation products and services.123

OVO Group Ltd’s FY2024 annual report identifies Energy Transition Holdings Ltd as both the immediate and ultimate parent undertaking.1 The same report states that Energy Transition Holdings Ltd became the ultimate parent in a 2022 reorganisation and identifies Stephen Fitzpatrick as the ultimate controlling party; Companies House also lists Stephen Fitzpatrick as the active person with significant control of Energy Transition Holdings Ltd.18 Companies House records show Energy Transition Holdings Ltd is a UK private limited company incorporated on 26 October 2022, with a registered office at Floor 5, Crescent, Temple Back, Redcliffe, Bristol, BS1 6EZ.7

OVO stated on 11 May 2026 that it is “set to become part of E.ON, subject to regulatory approvals,” while also saying that, until completion, OVO and E.ON remain separate businesses.15 On that basis, the reviewed materials indicate a pending ownership change rather than a completed change of control as of the review date.15

Supply Chain & Sourcing Relationships

The reviewed disclosures do not indicate that OVO operates in food retail, produce importing, agricultural sourcing, or comparable merchandise distribution.123 Instead, the company’s public-facing business description centers on energy supply and adjacent home-energy services.23

OVO does disclose a supplier-governance framework. Its Supplier Code of Conduct sets expectations on legal compliance, labor standards, health and safety, environment, and ethics for suppliers.4 Its modern-slavery statement describes a supplier ecosystem managed through central procurement and Workday Strategic Sourcing, alongside annual country- and category-based supply-chain risk assessment.5

However, no public evidence was identified in the reviewed materials of any verified direct supplier relationship between OVO and Israeli agricultural exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors.45 No public evidence was identified that OVO uses a wholly owned subsidiary, joint venture, or dedicated import entity as an importer of record for goods originating from Israel, the West Bank, the Jordan Valley, or the Golan Heights.1 The FY2024 group subsidiary listing shows entities in the UK, US, Australia, Guernsey, Spain, Germany, and a Japan joint venture, but no Israel-domiciled import entity.1

No public evidence was identified of recurring seasonal procurement from Israeli suppliers during counter-seasonal produce windows.12456 No public evidence was identified that Israeli-origin products reach OVO customers through third-party distributors, resellers, or white-label grocery arrangements; the reviewed product set is energy supply and home-energy services rather than grocery retail.23

Product Origin, Labeling & Regulatory Compliance

No public evidence was identified that OVO sells food or agricultural products labeled “Produce of Israel.”12121314 No public evidence was identified in the reviewed materials of public reports, NGO investigations, customs findings, DEFRA actions, or customs-audit findings concerning OVO and settlement-origin produce labeling.12121314

No public evidence was identified of OVO non-compliance with country-of-origin labeling rules for settlement-produced goods.245 No OVO-specific public labeling policy concerning goods from occupied or contested territories was identified in the reviewed materials.245

At the same time, OVO does maintain supplier-conduct and human-rights expectations for business partners, and its modern-slavery disclosures refer to annual supply-chain risk assessment by supplier geography and category.45 The reviewed materials did not identify a public corporate policy that specifically addresses sourcing from occupied or contested territories.45

Investment, Capital & Financial Exposure

The reviewed ownership disclosures place OVO within a UK-domiciled corporate structure under Energy Transition Holdings Ltd.178 No public evidence was identified in the reviewed materials of OVO or its parent holding portfolio investments in Israeli-domiciled companies, Israeli sovereign bonds, or Israel-focused investment funds.11578

OVO’s FY2024 subsidiary list does not show an Israel-domiciled subsidiary, branch, associate, joint venture, factory, logistics hub, data centre, warehouse, or office.1 The listed non-UK footprint in the annual report includes the US, Australia, Guernsey, Spain, Germany, and a Japan joint venture.1

The annual report identifies Kaluza Japan Co., Ltd. as a joint venture established with Mitsubishi Corporation to promote and market the Kaluza platform in Japan.1 OVO’s 2025 corporate media summary also references Kaluza expansion in Australia, Japan, and North America.16 The FY2024 annual report further discloses that OVO sold its holding in OVO Energy Pty. Ltd. to AGL Electricity (VIC) Pty Limited during 2024.1 Within the reviewed public disclosures, no direct capital investment in Israel or the occupied territories was identified.116

No public evidence was identified of an Israel-based R&D centre, innovation lab, accelerator, or technology partnership in the reviewed annual report and current corporate materials.116

Operational Presence & Market Activity

OVO’s legal information page states that OVO Energy Ltd is registered in England and Wales, OVO Home Services Ltd is registered in Scotland, and OVO Insurance Services Ltd is registered in Guernsey.2 Ofgem published notices in October 2023 granting OVO Energy Limited gas and electricity supply licences authorising supply to premises in Great Britain.910 Ofgem’s list of electricity licensees dated 3 December 2025 includes OVO Energy Ltd among UK electricity licensees.11

No public evidence was identified of OVO operating offices, support centres, warehouses, or retail locations in Israel or the occupied territories.12 The FY2024 subsidiary and joint-venture list does not include Israel, and the current legal and corporate pages reviewed identify UK-based registered offices plus Guernsey for insurance.12

The FY2024 annual report gives a monthly average workforce of 5,059 persons employed in 2024.1 That report does not disclose any Israel-based workforce or Israel-specific tax registration.1

No public evidence was identified of OVO characterising Israel as one of its operating markets in the reviewed annual report, current corporate pages, or 2025 media summary.1316 The disclosed market framing instead refers to the UK retail market and to Kaluza expansion in Australia, Japan, North America, and other multi-market arrangements.116

Corporate Structure & Foundational Ties

The reviewed materials indicate UK origins rather than Israeli origins. OVO states that it launched in 2009 and began in the Cotswolds, while its current trading and legal materials describe it as a UK energy supplier.23 No public evidence was identified that OVO was founded in Israel, originally incorporated in Israel, or acquired as an Israeli-origin business.236

Companies House filing history shows that OVO Energy Ltd’s registered office changed on 16 February 2026 from 1 Rivergate, Temple Quay, Bristol BS1 6ED to Floor 5, Crescent, Temple Back, Redcliffe, Bristol, BS1 6EZ.6 Energy Transition Holdings Ltd’s Companies House overview likewise shows a registered office change on 16 February 2026 to Floor 5, Crescent, Temple Back, Redcliffe, Bristol, BS1 6EZ.7 No public evidence was identified of dual or legacy headquarters in Israel.267

No public evidence was identified in the reviewed materials of Israeli state ownership stakes in OVO, Israeli government board appointees, Israeli government contracts, or designation of OVO as Israeli critical national infrastructure.11213 No public evidence was identified of governance mechanisms structurally tying OVO’s mission or operations to the Israeli state or to Israeli policy objectives.178

Profit Repatriation & Economic Contribution

No public evidence was identified of revenue separately attributed to Israel in OVO’s FY2024 annual report or current corporate materials.11615 Based on the reviewed ownership disclosures, OVO is currently UK-domiciled under the UK parent Energy Transition Holdings Ltd.178 No public evidence was identified that OVO’s global profits are repatriated into Israel through Israeli-domiciled ownership.178

OVO’s May 2026 statement that it is set to become part of E.ON, subject to regulatory approvals, indicates a prospective transaction rather than a completed ownership structure at that date.15 The same statement says that OVO and E.ON remain separate businesses until completion.15

No public evidence was identified of OVO being characterized in the reviewed sources as a key employer, infrastructure provider, or sector anchor within the Israeli economy.19101213

Evidence-Based Conclusion

Based on the reviewed public materials, OVO appears to be a UK-founded, UK-regulated energy supplier and energy-services group whose disclosed business activities are concentrated in energy retail, home-energy services, software/platform activity, and related decarbonisation offerings.123 The reviewed evidence does not identify public indications of Israeli agricultural sourcing, settlement-origin product exposure, importer-of-record structures for Israeli goods, Israel-domiciled operating entities, Israel-based facilities or workforce, Israeli portfolio investments, or structural governance ties to Israeli state institutions.1245678121314

The main positive evidence in the record concerns OVO’s UK corporate structure, Great Britain energy licences, disclosed supplier-governance framework, and non-Israel international footprint that includes the US, Australia, Guernsey, Spain, Germany, and a Japan joint venture.124591011 For the specific V-ECON lines of inquiry reflected in the memo, the dominant finding is No public evidence identified.1245678121314

Evidence Gaps and Research Limits

The reviewed materials did not provide public evidence of Israeli agricultural sourcing, importer-of-record structures for goods from Israel or the occupied territories, or seasonal produce procurement arrangements.12456 The reviewed materials also did not provide public evidence of settlement-origin product labeling issues, DEFRA or customs findings, or OVO-specific country-of-origin enforcement actions.12121314

Likewise, the reviewed materials did not provide public evidence of direct investment, facilities, warehouses, support centres, employees, portfolio holdings, or Israel-focused fund exposure in Israel or the occupied territories.121567891011 No public evidence was identified of state or institutional linkages to Israeli public bodies, or of structural governance features tying OVO to Israeli state policy objectives.1781213

End Notes

Footnotes

  1. https://company.ovo.com/wp-content/uploads/2025/09/OVO-ANNUAL-REPORT-FY24-FINAL-SEPT-2025.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23 ↩24 ↩25 ↩26 ↩27 ↩28 ↩29 ↩30 ↩31 ↩32 ↩33 ↩34 ↩35 ↩36 ↩37 ↩38

  2. https://www.ovoenergy.com/legal-information ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20 ↩21 ↩22 ↩23 ↩24

  3. https://www.ovoenergy.com/about ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  4. https://company.ovo.com/wp-content/uploads/2022/12/Supplier-Code-of-Conduct.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12

  5. https://www.ovoenergy.com/terms/modern-slavery-statement-2022 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12

  6. https://find-and-update.company-information.service.gov.uk/company/06890795/filing-history ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  7. https://find-and-update.company-information.service.gov.uk/company/14443869 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13

  8. https://find-and-update.company-information.service.gov.uk/company/14443869/persons-with-significant-control ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11

  9. https://www.ofgem.gov.uk/publications/ovo-energy-limited-notice-grant-electricity-supply-licence ↩ ↩2 ↩3 ↩4 ↩5

  10. https://www.ofgem.gov.uk/publications/ovo-energy-limited-notice-grant-gas-supply-licence ↩ ↩2 ↩3 ↩4 ↩5

  11. https://www.ofgem.gov.uk/sites/default/files/2026-01/all-electricity-licencees-3-December-2025.pdf ↩ ↩2 ↩3 ↩4

  12. https://www.un.org/unispal/document/ohchr-update-of-database_opt_june2023/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  13. https://www.un.org/unispal/document/ohchr-report-02aug24/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  14. https://www.whoprofits.org/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  15. https://www.ovoenergy.com/an-update-about-ovo ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  16. https://company.ovo.com/ovo-group-powers-forward-to-accelerate-the-global-energy-transition/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6