Octopus Energy buys Co-op Energy
Octopus Energy has bought out Co-op Energy and will take on the firm’s 300,000 domestic customers.
Co-op Energy is part of the Midcounties Co-op and has been in financial trouble since earlier this year. The takeover means Octopus will also supply energy to GB Energy’s 160,000 customers and Flow Energy’s 130,000 customers, after Co-op Energy took over both firms last year
The deal will mean Octopus Energy will have more than 1 million customers despite only four years in the market. In the past year it has also taken over Affect Energy and Iresa Energy, and become the supplier behind M&S Energy.
Greg Jackson, CEO of Octopus Energy, said: “This acquisition and our ongoing partnership with Midcounties is another step on the road to improving the domestic energy market for good. Our renewable energy supply and outstanding technology is now delivering award winning service to over a million homes in the UK with 100 per cent green electricity as standard. Co-op is one of the most well-respected British brands and we’re delighted to be working with them alongside our other cherished partners.
“I am also very excited about our joint venture for community energy. We have been hugely impressed by Co-op Energy’s achievement in this area and we believe that together we can help even more people from across the UK to come together in developing new sources of sustainable power.”
What do customers need to know?
All accounts transferred to Octopus will see prices stay the same or drop. If you are on a fixed tariff, Octopus will maintain your prices. If your tariff isn’t fixed your prices will be the same or lower.
If you’re a GB Energy or Flow Energy customer you will become an Octopus Energy customer. When your GB or Flow tariff comes to an end, you’ll be moved onto an Octopus Energy tariff (although you’re free to switch suppliers).
Co-op Energy customers will continue to be supplied under the Co-op brand although energy supply, billing and customer service will be operated by Octopus Energy.
Do I need to do anything?
Whichever company you’re with, you don’t need to do anything now. Octopus Energy will spend the next few months moving customers onto Octopus’ systems. There will be no impact to your energy supply.
Any debit or credit on your account will be transferred to your Octopus account. This balance will be confirmed with you when you move to Octopus systems. You will get a new account number when you move onto the Octopus system – it will let you know when that happens.
Will I still get Co-op Energy membership points?
If you are a member of Midcounties Co-operative, you will still get all the benefits of membership and can earn points through your energy account. You will continue to get the member exclusive offers and your share of profits.
Will my smart meter still work?
Co-op Energy has been installing SMETS2 smart meters – these should work whatever supplier you are with.
Flow Energy or GB customers may have older smart meters (SMETS1) and so Octopus may not be able to connect to your smart meter. If that’s the case, it will send you a monthly reminder to send your readings online.
Can I switch suppliers?
Co-op Energy customers are free to switch suppliers if they don’t want to stay with Octopus but during the transition period there may be a short period when switching may not work.