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Octopus Energy to acquire 70,000 ENGIE customers

Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
Updated:
21/01/2020

Energy challenger Octopus will take on ENGIE’s UK domestic customers in the next few months. Here’s what you need to know.

ENGIE will be off-loading its 70,000 domestic customers to Octopus as it looks to concentrate on its zero carbon strategy for businesses and local authorities.

If you’re an ENGIE customer, here’s what you need to know…

Octopus says customers will be moved over in the next couple of months and will continue to enjoy renewable electricity as standard.

Customers on fixed term contracts will have their rates honoured until they come to the end of their deal. And customers on variable tariffs will also have their rates honoured during the transition period. However, Octopus said they may be moved onto a tariff which is cheaper than what they’re currently paying.

Octopus doesn’t charge exit fees and confirmed that once they’ve been switched over, customers are free to change tariffs or leave the provider.

Those with a pre-payment meter will also continue on the same terms as with ENGIE and there’s also no change for smart meter customers who can continue to use the devices as now. It can also provide smart meters to customers who didn’t have the devices from ENGIE previously.

Octopus will contact customers directly about the acquisition but added that they don’t need to do anything with direct debits. These will be moved automatically to Octopus Energy systems, but the company said it will keep customers informed at every step.

Greg Jackson, chief executive of Octopus Energy, said: “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.”

This is Octopus’ sixth acquisition in two years, already providing energy to Affect Energy, Co-Op Energy, M&S Energy and the Mayor’s new London Power firm. It also partnered with Hanwha group in Australia and acquired 4Hundred in Germany.

Octopus now has a 5% market share in the UK energy market and serves 1.4 million customers.