Octopus Energy has sealed a deal to buy Bulb, taking on its collapsed rival's 1.5million customers. Bulb was placed into special administration in November 2021 and has been run with billions of pounds of government support since then.
Today, Octopus bosses announced they were "bringing an end to taxpayer losses and uncertainty for Bulb customers and employees", after buying out the firm. The Department for Business, Energy & Industrial Strategy (BEIS) confirmed an agreement had been reached between special administrators of Bulb and Octopus.
The deal will "protect consumers and taxpayers" and "provides a stable new home for Bulb's customers and 650 employees", according to BEIS. Octopus said it is paying the Government "above market value" to take on Bulb's customers.
