Octopus Energy Group has plans to pay the U.K. government take on Bulb Energy’s 1.5 million customer base.
Launched in 2015, Bulb, the seventh largest energy supplier in the U.K., aims to provide fair and transparent pricing and use tech to help its customers manage and reduce their energy usage.
The agreement with Octopus comes after an almost year-long process run by Bulb’s administrators to find the best solution for the company, its employees and taxpayers. This solution is believed to represent a higher amount per-customer than suppliers typically paid to take on any of the 29 suppliers who have failed since September 2021. Financial terms were not disclosed.
“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,” said Grant Shapps, business and energy secretary. “This is a fresh start and means Bulb’s
