Image: mundissima / Shutterstock.com
Octopus is set to become the UK’s third largest energy supplier after sealing the deal to take on its collapsed rival Bulb.
Octopus has signed the deal to add Bulb’s 1.5 million customers to its existing portfolio of around three million accounts.
Commenting on the deal, Octopus said “the agreement offers good value for taxpayers as Octopus is paying the government above market value to take on Bulb’s customers base”.
The company added: “Taxpayers will also benefit from a profit share agreement for a period of up to four years.”
The move comes after an almost year-long process run by Bulb’s administrators to find the best solution for the company, its employees and taxpayers.
The government added: “Bulb customers will not experience any change or disruption to their energy supplies as part of this transfer.
“There is not change to either Bulb or Octopus customers’ supply arrangements and credit balances are protected.”
Business and Energy Secretary Grant Shapps said: “This government’s overriding priority is to protect consumers and today’s sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most.”
Greg Jackson, Chief Executive Officer and Founder of Octopus Energy Group, commented: “We take our responsibilities very seriously. We will work unbelievably hard to deliver value for taxpayers and to look after Bulb’s staff and customers.
“We started off as rivals but shared the same mission – driving a greener, cheaper energy system with people at the heart.”
