Octopus to take over Engie’s 70,000 UK households
Challenger energy supplier Octopus has agreed to take over Engie’s UK household energy business, after the French firm decided to leave the domestic market.
The deal, which will see Octopus supply Engie’s 70,000 UK customers, is the quickly-growing business’ sixth acquisition in two years.
Octopus, which currently has 1.4m customers – or five per cent of the UK market – will add the new customers to its ranks over the next couple of months.
The company remains consumer magazine Which’s only recommended energy supplier, and has recently announced a 2020 price cut for its customers.
Greg Jackson, the company’s chief executive, commented: “Octopus Energy is investing to drive the green energy revolution – our technology enables a lower cost transition and our rapid growth means we can bring the benefits of cheaper, greener, smarter energy to ever more customers.
“It is an honour to acquire Engie’s UK home energy supply operations, enabling Engie to focus on their expanding services in other sectors whilst we bring their customers Octopus’s renowned service, pricing and technology.”
Last week Octopus announced that it was working in partnership with London mayor Sadiq Khan to supply renewable power to London Power, a new green energy company.
The company – which will only be available in London – will act as a non-profit company, with all profit “reinvested into community projects”.
Khan said the new energy provider would be within the cheapest 10 per cent of similar tariffs in the market and would save the average household £300 on bills.
Engie entered the UK market in 2017 but has decided to withdraw in order to focus on leading the zero carbon journey for businesses and local authorities.
The firm’s business energy customers and district energy supply operations are not impacted by this acquisition.
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