Octopus Energy completes Bulb takeover
By Michele Maatouk
Date: Wednesday 21 Dec 2022
(Sharecast News) - Octopus Energy has completed its takeover of rival Bulb, making it the third-biggest supplier in the country as it adds a further 1.5m customers, taking it over 5m.
The deal, which takes Bulb out of a year in special administration, was finalised through a process known as the Energy Transfer Scheme.
The UK government has committed to providing up to £4.5bn to fund Octopus' takeover of Bulb. The Department for Business, Energy and Industrial Strategy said the figure was based on expected energy costs during the period until 31 March 2023, "which reflects the current volatility in global energy prices".
The extent of government support could be lower than £4.5bn, it said, depending on energy prices this winter.
Bulb said on its website: "When it's time to move to Octopus, you'll be given new account details. Octopus will send you all the details about how to set up an online account and download their app. Until then, your Bulb account number will remain the same and you can keep using your Bulb app and account."
Octopus chief executive Greg Jackson 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 touch with customers as and when their account is ready to move to Octopus' systems."
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