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Sunday, May 26, 2024

Octopus Energy takes on collapsed Bulb

Octopus Energy has struck a deal to takeover Bulb Energy’s 1.5 million customers after gaining approval from the government.

The company collapsed amidst the sudden spike in gas prices and despite a year-long sales process by administrators.

Bulb has spent the last year being state-run under ‘special administration’.

Octopus will pay the government to take on Bulb’s existing customers, with taxpayers to benefit from profit share.

Business secretary Grant Shapps said the sale would bring “vital reassurance and energy security to consumers across the country at a time when they need it most.” 

Octopus boss Greg Jackson said the firm would work “unbelievably hard to deliver value for taxpayers” as it took over control of Bulb.

“We started off as rivals but shared the same mission – driving a greener, cheaper energy system with people at the heart,” he said. 

Octopus Energy will be in touch before system transfer and until then, customers will remain with their current Bulb teams. They expect that the transfer of ownership will not have a significant impact on Octopus customers.

Bulb customers’ credit balances will automatically get transferred to their new account with Octopus together with their existing direct debits.

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