Octopus Energy

2022 - 10 - 30

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Image courtesy of "Sky News"

Octopus Energy seals bid to take over 1.5 million Bulb customers (Sky News)

Octopus said it is taking on Bulb's 1.5 million customers. Bulb's collapse in November 2021 was the most significant among dozens of energy supplier ...

[Click to subscribe to the Sky News Daily wherever you get your podcasts](https://podfollow.com/skynewsdaily) Octopus intends to repay the government funding over a period lasting a number of months, according to sources close to the situation. The government will provide financial support to the new entity to purchase energy for Bulb customers over the winter but these costs will later be repaid, Octopus said. Octopus said it is paying the government "above market value" to take on Bulb's customers. It added: "Octopus is paying the government to take on Bulb's customer base - it is believed that this will represent a higher amount per customer than suppliers typically paid to take on any of the 29 suppliers who have failed since September 2021. Octopus said it is taking on Bulb's 1.5 million customers "bringing an end to taxpayer losses and uncertainty for Bulb customers and employees".

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Image courtesy of "Daily Express"

'Fresh start for 1.5 customers!' Octopus Energy buys supplier - are ... (Daily Express)

Around 1.5 million customers are set to experience a 'fresh start' when it comes to their energy bills following a recent decision by Octopus Energy.

Your bills will still be covered by the Government’s Energy Price Guarantee until next April. Until that point, customers will be looked after by the existing Bulb teams as today. [energy](/latest/energy) supplier has been chosen to take over Bulb, after it was placed under “special administration” by the Government. “The most important thing for Bulb customers to know is that their energy supply will continue as normal, and any credit balances will be protected. “We know how important this is to Bulb’s loyal customers and dedicated staff, and are determined that Octopus can provide them with a stable home for the future.” How will Octopus Energy customers be affected?

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Image courtesy of "Scottish Daily Record"

What customers should expect as Octopus Energy takes over ... (Scottish Daily Record)

Your gas or electricity will not be cut off during the transition period. Bulb have also said that customers will be able to top up their balance in a Bulb ...

"Bulb customers will understandably be anxious to work out what moving to a new company means for them, however there is no need to panic. Your gas or electricity will not be cut off during the transition period. Greg Jackson, chief executive and founder of Octopus Energy Group, said: "We take our responsibilities very seriously. This is a fresh start and means Bulb's 1.5 million customers can rest easy, knowing they have a new energy home in Octopus." [here ](https://www.dailyrecord.co.uk/newsletter-preference-centre/). This will see 1.5million households which used the [here](https://www.dailyrecord.co.uk/newsletter-preference-centre/). She stated: "It usually takes a few weeks for customers to be transferred and your new supplier will get in touch to tell you about your new tariff, how payments will work and how you’ll get any credit back." [consumers](https://www.dailyrecord.co.uk/lifestyle/money/cheaper-bills-extra-money-winter-28364121) and today's sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most. [Which?](https://www.which.co.uk/) Director of Policy and Advocacy, has answered some of the questions that former Bulb customers may have. [energy firm](https://www.dailyrecord.co.uk/all-about/energy) moved to Octopus Energy. [Octopus Energy](https://www.dailyrecord.co.uk/news/uk-world-news/octopus-energy-buld-take-over-28359079).

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