Energy provider OVO has helped over 15,000 customers with its Customer Support Package which launched last month.
29.10.2022 - 17:41 / dailyrecord.co.uk
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.
BEIS said the sale will be completed after a statutory process called an energy transfer scheme, which will move Bulb's relevant assets into a new separate entity that will "protect consumers during the transfer process". This is subject to approval by new Business and Energy Secretary Grant Shapps and will take effect at a time ordered by the High Court, expected by the end of November.
The Government will provide financial support to the new entity to purchase energy for Bulb customers over the winter but these costs will later be repaid, Octopus said. A profit-share agreement will be put in place for the ringfenced business until agreed funding is repaid by Octopus.
This means payments to shareholders or the wider Octopus Energy Group from the ring fenced entity would be restricted until the Government is repaid, Octopus said. Bulb customers will not experience any disruption to their energy supplies as part of the transfer, BEIS said. It added there is
Energy provider OVO has helped over 15,000 customers with its Customer Support Package which launched last month.
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