Energy Takeover - Octopus Energy set to takeover Bulb

Octopus Energy are going to takeover Bulb's 1.5 million customers, and remove the need for the latter to be supported by the government.

The deal is expected to be concluded by the end of November.

Interestingly, not only were Bulb the largest energy supplier to collapse and perhaps as a result Octopus are going to retain the Bulb branding for the time being.

According to the BBC, Octopus is set to pay the UK government between £100m to £200m to take control of Bulb.

Back in November 2021, Bulb - at the time, the UK's 7th largest energy supplier - collapsed into administration and was effectively bailed out by being taken into state ownership.