Following the energy crisis (2021–2023), energy supply – electricity and gas – has once again become an attractive activity for investors. In 2025, competition among energy suppliers intensified, with a record number of offers on the retail electricity market. The share of market-based offers (vs. regulated tariffs) increased for both households and businesses. In the gas sector, alternative suppliers gained ground mainly among residential customers. M&A activity remained strong: numerous transactions in recent years (Plüm, Iberdrola, Planète Oui, Méga Énergie, …) continued in 2025 with GazelEnergies’ acquisition of Ilek. Further deals are expected in the coming months, signaling a market evolution driven by players seeking to expand their portfolios (e.g., Ekwateur, Mint, Octopus) or diversify into new segments (such as B2C with Ilek for GazelEnergies).
2026 could see some of these trends continue, with new offers implicitly integrating flexibility (including batteries), becoming increasingly digitalized, and featuring more advanced “green” options (self-consumption management, retail PPAs), alongside new entrants such as renewable electricity developers interested in downstream integration. However, with wholesale markets stabilizing, the end of the ARENH mechanism, and heightened competition among players, the economic space for electricity supply could shrink in the coming years. In this context, 2026 may be an opportunity for suppliers and their investors to focus on the key success factors of the business:
- Operational excellence will remain the guiding principle, aiming to minimize commercial costs (customer acquisition, servicing, unpaid bills…), and enhance offer personalization through process digitalization. IT and digital solutions remain central to this performance, particularly for managing the tail-end of the portfolio;
- Risk management, especially market and counterparty risk, which remains an essential prerequisite for building a sustainable supply business;
- Greater integration of multiple sourcing options, with the ability to develop and/or manage customer supply channels: self-consumption, surplus, nuclear (baseload, CAPN), cPPAs, etc., while ensuring traceability;
- Implicit integration of flexibility (batteries, EVs, heating…), particularly to make offers more competitive by leveraging intraday price volatility and reserve value through controllable equipment (EVs, water heaters, HVAC…);
- Refined offer design and marketing targeting, enabling optimal response to diverse customer needs;
- Strengthening the relationship with end customers, in a context where brokers and suppliers are both partners and competitors.
E-CUBE has developed strong expertise on energy supply through its recent projects and the experience of its consultants. We would be delighted to discuss these market perspectives and opportunities with you. Please feel free to contact the experts below to schedule a conversation on the topic.
