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1. • £1.6 billion

     • In late 2022, the Government sold Bulb’s customers to Octopus. It provided more than £1.6 billion in temporary taxpayer support to cover the energy needed to supply those customers.
     Reference:

     Octopus Energy to repay £3bn of taxpayer money used for Bulb ...

2. octopus.energy › press › UK-gov-profit-bulb-bailoutUK Government reaps £1.5bn profit from Octopus-Bulb deal ...

   octopus.energy › press › UK-gov-profit-bulb-bailout

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   Oct 24, 2024 · Octopus pays over £3bn to the government, marking a successful conclusion to the Bulb bailout. Government makes £1.5bn profit from unprecedented deal with Octopus. Agreement not only safeguarded jobs and customer service but also filled the public coffers at a crucial time.

3. www.bbc.co.uk › news › articlesOctopus to repay £3bn to taxpayers for Bulb rescue

   www.bbc.co.uk › news › articles

   Jun 21, 2024 · Octopus Energy will pay nearly £3bn to the government as part of a pledge to return the taxpayers' funds it received for rescuing Bulb, its collapsed competitor. It means the Treasury will...

4. Videos

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     dailymail.co.uk

     Octopus Energy 'paid £1.6million' to customers from electricity switch-off

     24 Jan 2023

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     14:52

     youtube.com

     Greg Jackson, Octopus Energy - UK/AU Climate Talks

     11 Nov 2021

     316 views

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     19:21

     youtube.com

     Octopus Flux Tariff - Who is it for? Solar & Battery Storage Tariff

     13 Apr 2023

     23.5K views

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5. www.independent.co.uk › business › octopus-energy-toOctopus Energy to repay £3bn of taxpayer money used for Bulb ...

   www.independent.co.uk › business › octopus-energy-to

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   Jun 24, 2024 · In late 2022, the Government sold Bulb’s customers to Octopus. It provided more than £1.6 billion in temporary taxpayer support to cover the energy needed to supply those customers.

6. www.current-news.co.uk › uk-government-gains-1-5UK government gains £1.5 billion in profit from Octopus-Bulb deal

   www.current-news.co.uk › uk-government-gains-1-5

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   Oct 24, 2024 · Octopus Energy, the UK’s largest electricity supplier, has completed a payment of over £3 billion to the government to acquire failed energy supplier Bulb.

7. uk.finance.yahoo.com › news › octopus-energy-repay-3Octopus Energy to repay £3bn of taxpayer money used for Bulb ...

   uk.finance.yahoo.com › news › octopus-energy-repay-3

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   Jun 24, 2024 · In late 2022, the Government sold Bulb’s customers to Octopus. It provided more than £1.6 billion in temporary taxpayer support to cover the energy needed to supply those customers. The nearly...

8. www.mirror.co.uk › money › octopus-energy-pay-backOctopus Energy to pay back nearly £3billion to Government for ...

   www.mirror.co.uk › money › octopus-energy-pay-back

   Jun 21, 2024 · In late 2022, the Government sold Bulb's customers to Octopus. It provided more than £1.6billion in temporary taxpayer support to cover the energy needed to supply those customers.

9. People also ask

   Did Octopus pay £1.6 billion for bulb?

   • In late 2022, the Government sold Bulb’s customers to Octopus. It provided more than £1.6 billion in temporary taxpayer support to cover the energy needed to supply those customers. The nearly £3 billion repayment, confirmed on Friday, was part of the terms, based on estimated future costs. The repayment was first reported by the Financial Times.

   Octopus Energy to repay £3bn of taxpayer money used for Bulb takeover

   www.independent.co.uk/business/octopus-energy-to-repay-ps3bn-of-taxpayer-money-used-for-bulb-takeover-b2566611.html

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   How much will Octopus Energy pay the government?

   • Octopus Energy will pay the Government nearly £3 billion to reimburse the public money it received to take over collapsed energy supplier Bulb.

   Octopus Energy to repay £3bn of taxpayer money used for Bulb takeover

   uk.finance.yahoo.com/news/octopus-energy-repay-3bn-taxpayer-120105554.html

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   Why did Octopus Energy buy bulb?

   • When Octopus Energy stepped in to take over and add Bulb's customers to its own, it struck a deal with the government which meant that it would help cover the costs of energy for the affected households to ensure supplies were not disrupted. The energy was bought by the government and, based on wholesale prices, cost £1.63bn.

   Octopus to repay £3bn to taxpayers for Bulb rescue

   www.bbc.co.uk/news/articles/ce997mj3qm8o

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   How much does octopus cost the Treasury?

   • As a result although the energy for Bulb customers cost the Treasury £1.63bn, the government is expecting to recover that amount and make a profit of almost £1.3bn through the deal with Octopus, which it can use to recover all but £6mn of the cost of the SAR. The regime will be wound down over the next year and completed by the end of 2025.

   Octopus to repay £3bn of Bulb nationalisation costs - Financial Times

   www.ft.com/content/d4f4eebf-bbf7-498a-bb36-5d5a0e75e1b2

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   Why did octopus become Britain's largest energy supplier?

   • However, the high court rejected their legal challenge. Octopus Energy, later in the year, swelled to become Britain's largest energy supplier, overtaking British Gas by snapping up 1.3 million customers from Shell Energy. Octopus founder Greg Jackson said: "This outcome is a great result for taxpayers.

   Octopus Energy to pay back nearly £3billion to Government for Bulb

   www.mirror.co.uk/money/octopus-energy-pay-back-nearly-33080334

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   What if octopus repays £3bn?

   • Even if Octopus repays £3bn, there is an outstanding £6.1mn of other costs related to the SAR, down from £19.6mn forecast in February, according to a letter to the Public Accounts parliamentary committee seen by the FT.

   Octopus to repay £3bn of Bulb nationalisation costs - Financial Times

   www.ft.com/content/d4f4eebf-bbf7-498a-bb36-5d5a0e75e1b2

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10. www.ft.com › d4f4eebf-bbf7-498a-bb36-5d5a0e75e1b2Octopus to repay £3bn of Bulb nationalisation costs

    www.ft.com › d4f4eebf-bbf7-498a-bb36-5d5a0e75e1b2

    Jun 21, 2024 · Octopus Energy is set to hand the next UK government an early £3bn windfall after the company pledged it would repay all the state support it received to take over collapsed energy supplier Bulb.