A consumer expert has shared everything that Bulb customers should expect about the switch to Octopus Energy. It comes after Bulb was placed into special administration in November 2021, and was run with billions of pounds of government support since then.
However, the Department for Business, Energy & Industrial Strategy has now allowed Octopus Energy to take over their collapsed rival. This will see 1.5million households which used the energy firm moved to Octopus Energy.
Speaking about the sale, new Business and Energy Secretary Grant Shapps told the PA News Agency: "This Government's overriding priority is to protect consumers and today's sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most. This is a fresh start and means Bulb's 1.5 million customers can rest easy, knowing they have a new energy home in Octopus."
The recent news may leave some of the 1.5million customers concerned about the switch. Thankfully, Rocio Concha, Which? Director of Policy and Advocacy, has answered some of the questions that former Bulb customers may have.
Is there anything that I have to do?
No. The switch will take place automatically, and you will not have to cancel any direct debits or set up new payment methods.
Concha explains: "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.
Will gas or electricity be cut off?
Your gas or electricity will not be cut off during the transition period. Bulb have also said that customers will be able to top up their balance in a Bulb account.
"Bulb customers will understandably be anxious to work out what moving to a new company means for them, however there is no need to panic. Your gas and electricity won’t be cut off and your credit will be protected," says Concha.
How long will it take to move to Octopus?
This may depend from customer to customer, however Concha has shared what the transition will likely look like for customers.
She stated: "It usually takes a few weeks for customers to be transferred and 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."
Octopus has also stated that it will continue to use Bulb's technology during the transition period so that there aren't any immediate changes.
Will I have to pay more?
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 adds: "While it appears this deal could mean smaller losses for taxpayers, the government should ensure consumer bills do not have costs added to them in the long run as a result of Bulb’s collapse."
Greg Jackson, chief executive and founder of Octopus Energy Group, said: "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."
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