Octopus Energy Group announced it has signed a deal with Impello Limited (“Shell”), a subsidiary of Shell Petroleum Company Limited, to buy Shell Energy in the UK and Germany, taking on two million new home energy and broadband customers.
This deal grows challenger energy supplier Octopus to nearly 6.5 million household customers in the UK (over 11 million meter points). Its customer base in Germany will grow to almost 300,000.
The move comes after a competitive process run by Shell and includes 1.4 million household energy customers (2.5 million meter points) and 500,000 broadband customers.
Shell Energy Retail customers should sit tight for now – the deal is expected to complete in the fourth quarter of 2023 following regulatory approval, and they will be contacted at that time.
Octopus has a strong track record in large-scale customer migrations through its proprietary tech platform Kraken. The company recently completed the transfer of 1.5 million Bulb customers in just six months – an industry record – all while maintaining its award-winning customer service levels and its Which? Recommended Energy Supplier status for the 6th year running. The company also recently topped Citizens’ Advice’s star ratings.
There will be a smooth transition and no disruption to customer energy supply, all Shell energy and broadband customers will be contacted about the next steps following regulatory approval. Customer credit balances are protected, and will automatically get transferred to their new account with Octopus together with their existing direct debits.
Octopus is headquartered in the UK and operates in 15 countries, with significant businesses in energy retail, generation, technology and electric vehicles. It has received well over $1bn in investment from global giants, including investment funds, pension funds and large energy companies.
