Octopus Energy has issued an important message to all of Bulb's 1.5 million customers.
Bulb Energy has been in special administration and the UK Government has confirmed that Octopus will be taking over Bulb, providing certainty to customers.
Octopus has said it is paying the government "above market value" to take on Bulb's customers after the firm when into special administration back in November 2021.
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The energy firm has reassured their new customers that they don't have to do anything. Bulb customers will receive an email informing them of the update. There’ll be no change to Bulb's services yet, Octopus says, and they add: "You'll be looked after by the same dedicated Bulb teams, and pay and manage your account the same way you always have.
They have urged customers not to contact Octopus Energy about your Bulb account as The Bulb team will still look after your account and the Octopus team don’t have any more information to share about Bulb’s move to Octopus.
What does this mean for Bulb customers?
As Octopus explains, Bulb customers won't have to do anything and will issue updates through their blog. They also explain:
- Your energy supply won’t be interrupted or affected in any way. You will not be cut off.
- Any money Bulb owes you is safe and will be moved to your new Octopus account as soon as possible.
- If you pay by Direct Debit, there’s no need to cancel it. This will continue as usual.
- Government support schemes such as the Warm Home Discount and Energy Bills Support Scheme will continue as normal.
- Bulb customers won't be able to switch to Octopus and are urged to 'sit tight' to make sure the transition is as smooth as possible.
Greg Jackson, CEO and founder of Octopus Energy Group, comments: "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."
Matthew Cowlishaw, Senior Managing Director at Teneo and Special Administrator to Bulb Energy Ltd, said: "When the energy administrators were appointed in November 2021, our primary objectives were to enable Bulb to trade as usual while minimising the cost to the taxpayer. Following a thorough and extensive process over the course of almost a year, we examined all options and in conjunction with BEIS came to the conclusion that this transaction would provide the most value to the taxpayer.
"We are pleased that we have achieved the objectives of the special administration, especially against the backdrop of wider energy market disruption, and that the transition of employees and customers will provide certainty for both going forward."
Octopus will continue to use Bulb’s technology and brand for a transitionary period so that there is a smooth transfer for Bulb’s customers. In addition, customers will continue to benefit from Ofgem’s supply licence protections, such as ensuring energy suppliers provide advice for vulnerable customers through existing financial support schemes.
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