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Wales Online
Wales Online
National
Neil Shaw

Octopus Energy agrees deal to buy collapsed firm Bulb

Octopus Energy has sealed a deal to buy Bulb, its collapsed rival that has been run with billions of pounds of Government support for nearly a year.

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”.

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.

“Taxpayers will also benefit from a profit share agreement for a period of up to four years.”

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