Octopus Group
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Octopus Energy has purchased Bulb's energy supply business and will migrate its customers to its platform. Find out what this means for you, how to contact Octopus and get updates on the process.
- Octopus Energy completes acquisition
London, 21st December 2022 - The completion of the deal to...
- Octopus Energy completes acquisition
Bulb Energy Ltd., trading as Bulb, was an energy supply company in the United Kingdom acquired by Octopus Energy in 2022. Founded in 2013, the company attracted venture capital from DST Global and Magnetar Capital and ran at a financial loss while achieving rapid growth in customers.
Dec 21, 2022 · Bulb, the largest of the 30 energy firms that collapsed in 2021, has been acquired by Octopus Energy after a bailout by taxpayers. Rival suppliers have launched a judicial review against the deal, claiming it was unfair and opaque.
Dec 21, 2022 · Octopus Energy completes the transfer of Bulb customers to its systems, ending the special administration of the failed supplier. The deal saves taxpayers millions of pounds and protects customers from energy price volatility.
Nov 22, 2021 · Bulb is by far the largest energy supplier to go bust after a string of more than 20 company collapses since September. The total cost of the energy market crunch could run to around £2bn this...
- How Will The Deal Work?
- What Does Octopus Say?
- What Does The Government Say?
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Octopus is paying the Government to take on Bulb's customer base. It says taxpayers will also benefit from a profit share agreement for a period of up to four years. As Bulb is currently unhedged – meaning it isn't insured against wholesale price fluctuations – the Government will provide financial support to purchase energy for Bulb customers over...
Greg Jackson, chief executive and founder of Octopus Energy Group, said: "This starts to bring an end to the huge financial exposures for taxpayers and paves the way for a better and more certain future for Bulb's staff and customers. "For now, we'd ask Bulb customers to sit tight – they will still be looked after by the Bulb team. We'll be in touc...
Speaking after the deal was initially announced, 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. "This is a fresh start and means Bulb's 1.5 million cust...
Octopus Energy completed its takeover of Bulb, the failed energy supplier, in December 2022 after a legal challenge. Bulb customers will remain on the same systems and prices for now, and will be moved to Octopus's systems in the coming months.
Nov 22, 2021 · Bulb, the UK's seventh largest energy company, will be run by the government through Ofgem as it faces financial difficulties due to high wholesale gas prices. Customers do not need to worry as their supply and tariff will continue as normal, but the future of the firm is uncertain.
People also ask
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