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Octopus steps in to buy Shell Energy – what customers need to know

Written by: Emma Lunn
The deal is expected to complete in the fourth quarter of 2023 and will take Octopus Energy’s retail supply arm to 6.5 million UK customers.

Octopus Energy Group has 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.

Shell Energy put itself up for sale in June after deciding to exit the UK home energy and broadband markets. The deal includes 1.4 million household energy customers and 500,000 broadband customers.

Greg Jackson, CEO and founder of Octopus Energy Group, said: “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.”

As part of the deal, Shell and Octopus Energy have 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 Shell Recharge and Octopus Electroverse subscribers.

Octopus also bought Bulb after it collapsed in 2021.

What should Shell Energy customers do?

Shell Energy customers should sit tight for now – they will be contacted when the deal goes through.

For now, account numbers and direct debits will work as usual, while smart meter installation appointments will still be carried out.

Shell’s Helpfund will continue to support customers who need extra help.

A statement on the Shell Energy website said: “If you’re a Shell Energy or Shell Energy Broadband customer, don’t worry – nothing is changing and you don’t need to do anything.

“The sale will be subject to regulatory approval, and this can take time to go through. Once the deal is complete – probably later in the year – then Shell Energy will be owned by Octopus. At this point, we’ll keep you posted about any changes but rest assured that we’re focused on ensuring a seamless transition for customers.”

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