Octopus Energy has struck a deal to snap up its collapsed rival Bulb today, ending the period of ‘special administration’ that has seen billions pumped into the firm by the government.
Bulb called in administrators last year after a sudden spike in gas prices pushed it into financial trouble.
The deal will see Octopus pay the government to take on Bulb’s 1.5m customers, with taxpayers set to benefit from a profit share agreement for up to four years.
Business secretary Grant Shapps said the sale would 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 customers can rest easy, knowing they have a new energy home in Octopus,” he added.
“Moving forward, I intend to do everything in my power to ensure our energy system provides secure and affordable energy for all.”
The deal comes after an almost year-long process run by Bulb’s administrators to find the best solution for the company, its employees and taxpayers.
Octopus chief Greg Jackson said the firm would work “unbelievably hard to deliver value for taxpayers” as it took over control of the firm.
“We started off as rivals but shared the same mission – driving a greener, cheaper energy system with people at the heart,” he said.
“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.”
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