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.
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.
As part of the agreement, Shell and Octopus Energy have also signed a memorandum of understanding to explore a potential international partnership. The companies are planning to bring the best possible experience to their EV charging customers, including for Shell Recharge and Octopus Electroverse subscribers. Options will be explored for possible joint promotions, brand activations and other activities across the EV value chain.
According to a recent analysis by management consultancy Bain & Company, Octopus Energy has the highest approval rating of any energy company in the UK*. The company also tops TrustPilot ratings for energy suppliers and has won multiple awards - among others, it’s been named among Sunday Times’ ‘Best Places to Work’, Utility Week’s ‘Utility of the Year’ and was recently awarded one of TIME Magazine’s ‘100 Most Influential Companies’.
Greg Jackson, CEO and founder of Octopus Energy Group,
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.
