Octopus Energy will become the second biggest energy supplier in the country after it agreed to buy Shell’s electricity and gas provider on Friday.
The deal sees Octopus gain 1.4 million new energy customers and the half a million homes who get their broadband from Shell in Great Britain and Germany.
It means that Octopus will serve a little under 6.5 million customers in Britain, making it the second largest supplier after British Gas, which has around one million more households on its books.
The companies told customers of Shell Energy to “sit tight”. They will become Octopus Energy customers in time and remain on the same deals as they are currently on.
The transfer of the business from Shell to Octopus will happen after the regulator has given it the thumbs up, which could be some time in the last three months of the year.
Chief executive Greg Jackson said: “Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany.
“Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system.
“Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too.”
Steve Hill, executive vice-president at Shell Energy, said: “This agreement follows the announcement during our Capital Markets Day to divest our home energy retail business in Europe.”
“To drive performance, discipline and simplification, we are prioritising countries, projects, and routes to market where we can deliver the most value.
“We will work closely with Octopus to ensure a seamless transition and continued high standards of customer service.”
