Octopus Energy promotional toys at the headquarters of Octopus Energy in London (PA)
(Picture: PA Archive)Around 1.5 million customers have a new source of gas and electricity after Octopus Energy completed the acquisition of Bulb, the once fast-growing utility that went bust as wholesale prices soared, wiping out profit margins for firms offering lower tariffs.
The controversial sale puts the company back into private hands after the government stepped in to prevent its collapse. According to a separate government statement, £4.5 billion in public money has been set aside under the terms of the deal to cover “the cost of purchasing wholesale energy for the transferring Bulb customers for a limited period until March 31”.
