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Octopus Energy Group has completed its purchase of Shell’s domestic energy supply businesses in the UK and Germany.
The company said the addition of their 1.3 million household energy customers will bring its total UK tally to 6.6 million. Octopus has also acquired 500,000 broadband customers as part of the deal.
The UK business was bought by Shell in 2018 under plans by the Anglo-Dutch oil giant to become the “world’s largest power company” by the early 2030s. The formerly independent supplier, known previously as First Utility, was rebranded to Shell Energy Retail the following year.
However, in January this year, Shell announced it was reviewing the future of its domestic energy supply arms in the UK, the Netherlands and Germany in light of “tough market conditions,” and in September, Octopus Energy announced it had agreed to acquire the British and German businesses.
Octopus has now begun migrating the acquired customers to its systems – a process it expects to be completed in mid-2024. It boasted of having “strong track record” in undertaking large-scale migrations to its Kraken tech platform, having already completed more than 30 since launch. They include the absorption of 1.5 million customers of the failed energy supplier Bulb, which Octopus acquired last year after the company went into special administration in late 2021.
Greg Jackson, chief executive of Octopus Energy, said: “We are pleased to be the new home for Shell Energy Retail customers in the UK and Germany. Now even more customers can receive our five star customer service and choose from a whole heap of cheap, green tariffs, benefitting both their pockets and the energy system. Our commitment to customers is paramount, and we will deliver the Octopus promise when we welcome these new customers too.”
Octopus and Shell have also revealed plans to work closer together on electric vehicle (EV) charging. The pending agreement will allow users of Octopus’ Electroverse roaming service to access Shell’s Recharge network of fast chargers, whilst also benefitting from offers at Shell forecourts.
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