Bulb customers will be getting an urgent message over the future of their energy bills this week after the sale of the company was finalised with Octopus.
Bulb Energy has now been acquired by Octopus Energy and customers will be contacted about the completion of the takeover and what the next steps are, if they haven't already. Octopus announced that it would be acquiring Bulb back in October 2022 but the sale was only completed a few days ago.
The takeover finalised on December 21 but with the Christmas break many customers are only just finding out about the transfer. The sale comes at a time when the energy price cap rises to an annual level of £4,279 in January 2023, but bill-payers remain protected under the government’s Energy Price Guarantee (EPG).
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The Energy Price Guarantee protects customers from increases in energy costs by limiting the amount suppliers can charge per unit of energy used. It currently brings a typical household energy bill in Great Britain for dual-fuel gas and electricity down to around £2,500 per year.
Bulb has posted a message on their website about the transfer and have told customers that they do not need to take any action. Their statement read: "The sale of Bulb's energy supply business to Octopus Energy is now complete. Our members don’t need to do anything."
Bulb has also said there will be no changes to customer's energy supply and their credit balance will be protected. But what will happen next?
The energy supplier has said when customers move to Octopus they will be given new account details which will be sent with directions on how to set up an online account and download their app, but until then their Bulb account number will remain the same and customers can keep using their Bulb app and account.
Customers who are a former member with a debit or credit balance in their account, this balance will be transferred and not affected by the takeover.
Bulb was placed into special administration in November 2021. Special administration is designed to protect customers if a large energy supplier becomes insolvent. It enables a business to continue to trade as usual, and if circumstances permit, to be sold at the appropriate time, in full or in part.
Another statement on their site read: "Octopus has announced that it will acquire Bulb. Subject to the deal receiving final approval from the government and Ofgem, and the court confirming the timing for the “ Energy Transfer Scheme ” to take place, Bulb customers will be transferred to Octopus."
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