Octopus Energy buys Shell’s local businesses in Germany and the UK

Octopus Energy has grown its operations to become the second largest national energy supplier in the UK

British energy company Octopus energyIt announced that it would buy local energy operations coincidence in United kingdom And Germany. At this time, the two companies have refrained from disclosing cash amounts related to the sale of the company.

in this meaning, Octopus energy He announced that, with this acquisition, it will be responsible for providing energy to about 1.4 million homes. As well as services Broad wave For 500 thousand customers. This is Octopus Energy’s latest expansion, following the purchase of the brand a lamp Which collapsed financially, an operation that gave it an additional 1.5 million customers.

Now, with the acquisition of Shell’s UK and German operations, Octopus Energy’s total customer base will rise to approximately 6.5 million.

For its part, Shell confirmed that the sale is part of the plan announced in early 2023, to exit its local energy business in the United Kingdom, Germany and Italy. Holland. Therefore, the two companies expect to complete the sale in the last three months of this year, subject to regulatory approval.

“There will be a smooth transition and there will be no interruption in Power supply; All Shell Energy and Broadband customers will be contacted about next steps following regulatory approval. Customers’ credit balances are protected and will be automatically transferred to their new accounts with Octopus; “Along with your existing direct debt,” Shell said.

It is worth noting that Octopus Energy has grown to become the second largest national energy supplier in the UK.

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However, the acquisition of Bulb faced opposition from other companies such as: British gasProperties middle; Beside Time And Scottish power. These companies went to the UK Supreme Court to say it was unfair for the government to give interest-free loans to Octopus to bail out Pulp, which collapsed in 2021 after wholesale energy prices rose. Ultimately, the opposing companies were unsuccessful in their legal challenge.

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