Octopus Energy to take over 1.5 million customers from Bulb

by | Jan 9, 2023 | Electricity & Gas, News

Octopus Energy has finally completed the takeover of the more than 1.5 million customers previously supplied by Bulb. The takeover, which has taken more than a year to put together, will also see Octopus take on 650 staff from their previous rival. 

Bulb ceased trading in November of 2021. At the time, they were the seventh largest supplier in the UK, with around 1.7 million customers. Since entering special administration, the UK government has been responsible for supplying these customers with gas and electricity at taxpayer expense

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I’m a Bulb customer, what’s going to happen?

For the time being – almost nothing. You should already have been contacted on the email address associated with your Bulb account with the details of the takeover. There’ll be no change to your service initially, and you’ll pay your bills, manage your account and get help with problems exactly as before.

Any existing credit you have in your Bulb account will be transferred over automatically, and you won’t have to change any existing direct debit payments. Your bills shouldn’t change either as you’ll still be covered by the current energy price guarantee. You’ll also continue to receive your monthly payments from the energy bills support scheme, and the warm home discount if you currently qualify.

If you’re an existing Octopus Energy customer, you also won’t see any change to your current service.

When will the takeover happen?

The first stage of the takeover was completed on December 20th 2022, with Octopus formally taking control of the previous firm’s customer accounts. Octopus are in the process of migrating Bulb customers over to their own systems now, which will continue for the next few months. If you’re waiting to be transferred yourself, hold tight – Octopus should be in contact directly in the early part of this year.

Is Octopus Energy a good supplier? 

Octopus Energy have a great reputation, with excellent customer service reviews and an official endorsement from consumer advice service Which? as one of their recommended suppliers. In terms of pricing, those being transferred to Octopus will still be on the best value tariff available in the UK – the default tariff covered by the energy price guarantee.

Octopus also have a lot in common with Bulb when it comes to operations, both being newer energy companies with a green ethos at their hearts. Discussing the decision to absorb Bulb’s customer base and a large part of their workforce, Greg Jackson, the founder and chief executive of Octopus Energy Group, said: 

“We take our responsibilities very seriously. We will work unbelievably hard to deliver value for taxpayers and to look after Bulb’s staff and customers.

“We started off as rivals but shared the same mission – driving a greener, cheaper energy system with people at the heart. 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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