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Octopus Energy completed acquisition of Bulb Energy

Updated: May 2, 2023



London, 21st December 2022 - The completion of the deal to transfer Bulb customers to Octopus Energy took place, bringing vital reassurance to Bulb’s 1.5 million customers following a year of uncertainty.


Customers will remain on Bulb systems for a while, and will continue to be looked after by the same Bulb team.


The agreement, implemented via a new process known as the Energy Transfer Scheme (ETS), will save taxpayers millions of pounds as Bulb moves back into private ownership and the government is no longer directly exposed to the volatility of the wholesale energy market.

The taxpayer will also benefit from a profit share agreement that forms part of the deal.


The ETS was approved by the Business and Energy Secretary on the 7th November and the High Court ruled that the transfer can go ahead, setting a commencement date for the ETS to take place at 23:58 on the 20th December.


Greg Jackson, CEO and founder of Octopus Energy, comments: "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' award-winning systems."


Judicial Reviews have been received against the Business and Energy Secretary’s decision to approve the sale of Bulb Energy, with court dates for the reviews set for next year.

Octopus Energy Group has a strong track record in large scale customer migrations, having completed over 10 acquisitions of energy supply companies and their customers. Most recently Octopus moved over 580,000 Avro Energy customers to its Kraken platform – the largest customer migration ever conducted under the supplier of last resort (SOLR) process.


Octopus is headquartered in the UK and operates in 14 countries, with significant businesses in energy retail, generation, technology and electric vehicles. It has received over £1 billion in investment from global giants, including investment funds and large energy companies.


Bulb customers can get regular updates on this process on the Bulb information page.


 

If you're a Bulb customer, here's what you need to know


You don't need to do anything right now, and there’ll be no change to your service. The price you pay won't change as a result of this announcement. You can get help from Bulb and manage your account the same way you always have, and you'll be looked after by the same dedicated team.


Importantly, please don’t contact Octopus Energy about your Bulb account – the Octopus team don’t have any more information to share about your move to Octopus.


Bulb Energy will contact you over the next few weeks and months with information about when your individual account will switch to our systems. They'll work quickly and carefully to transition you over to Octopus, and share regular updates.



 

0151 459 3388 | info@smart-energy.uk



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