Bulb customers are set to be moved over to Octopus Energy within the coming weeks following the energy supplier's collapse.
Bulb was placed into special administration in November 2021, and was propped up by Government support until the Department for Business, Energy and Industrial Strategy allowed rival firm Octopus to take over in a bid to bring "vital reassurance and energy security" to households. This means that Bulb customers will be getting a new supplier in November as the transition takes place.
Many of Bulb's 1.5 million customers have been left concerned about what the switch will mean for them. Which? Director of Policy and Advocacy, Rocio Concha, has addressed some of the most common questions surrounding the sale, the Daily Record reports.
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Concha explained that customers will not need to do anything on their end as the switch takes place, as everything will happen automatically. This means that you do not have to cancel your existing Bulb direct debit or set up a new payment method.
Concha advised: "As you wait to hear more, take a meter reading so your account is up to date, make a note of any credit you’ve built up and don’t switch suppliers – this can make it trickier to transfer you and pay back any money you’re owed." Which? also recommends taking photographs or screen shots of your current credit so that you can verify that the switch has all gone ahead as it should.
The Which? expert also reassured customers that their electricity or gas will not be cut off during the transition period, and any credit in their account will be protected. How long it will take to move over to Octopus may vary from customer to customer, but Concha estimated that the transition process typically takes a few weeks.
"Your new supplier will get in touch to tell you about your new tariff, how payments will work and how you’ll get any credit back," the Which? expert explained. Octopus added that it will continue to use Bulb's technology during the transition period, so that there aren't any immediate changes for customers.
Many have been left wondering whether they will have to pay more for their energy when they move over to Octopus. A Bulb blog post reads: "domestic tariffs are protected by the Government’s Energy Price Guarantee, and will continue to be protected either by this or Ofgem’s price cap throughout the migration period."
Concha added: "The Government should ensure consumer bills do not have costs added to them in the long run as a result of Bulb’s collapse." Octopus Energy have vowed to "deliver value for taxpayers and to look after Bulb's staff and customers".
Financial expert Martin Lewis recently weighed in on the change, branding it a "decent outcome" for Bulb customers. The MoneySavingExpert founder wrote on Twitter: "The November sale of Bulb to Octopus, at first look, seems a decent outcome for Bulb customers. Octopus customer service is strongly rated and in our surveys it was the most painless firm in transferring customers."
Octopus Energy founder Greg Jackson added: "The deal is planned to complete mid November, and the process will really start then. We are determined to make it as smooth as possible for customers and will blog updates as things progress."
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