30 June 2023 , 10:27
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Octopus Energy has issued a major update to all customers who are being moved over from Bulb.
The UK's second largest energy supplier has today announced that it has completed the transfer of all 1.5million Bulb customers over to Octopus.
Octopus Energy announced it was going to take over the collapsed energy firm Bulb at the end of last year.
The migration of customers started in December 2022, just two days after the official completion date of the takeover.
The energy firm told the Mirror last month that the final few accounts to switch over were the "more complex" ones such as those with export tariffs as well as import tariffs.
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Alongside this, Octopus confirmed that around 94% of Bulb staff accepted a role at the energy firm.
A YouGov poll found that, of the British adults who were with Bulb when they went out of business, nearly eight out of 10 (75%) were satisfied with how the move had been handled.
Greg Jackson, Founder of Octopus Energy, said: "This outcome has been the best case scenario for taxpayers, customers and Bulb’s team after the torrid period of uncertainty and risk prior to Octopus’s acquisition.
“Thanks to our experience, technology and a phenomenal effort by both teams, we delivered this transfer seamlessly and in record time, with barely any disruption to customers.”
Bulb collapsed into administration in November 2021 and was one of the largest energy firms to go under during this time.
During that year, a total of 28 energy firms went under due to rising wholesale gas prices.
Bulb went into "special administration" at this time which allowed it to operate as normally through funding by the Government.
However, Octopus Energy said that the Government would see a profit of £1.21billion as the firm will be paying back £2.84billion as part of the deal which saw the Government take on the cost of buying customers' energy over the winter.
Last year, MoneySavingExpert.com founder, Martin Lewis, claimed Octopus’ purchase of Bulb was a “decent outcome for Bulb customers”.
He also went on to say that “Octopus customer service is strongly rated and in our surveys, it was the most painless firm in transferring customers over”
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