Octopus Energy announces major change – and it's good news for Bulb customers | The Sun

Octopus Energy announces major change – and it's good news for Bulb customers | The Sun

October 29, 2022

OCTOPUS Energy has announced it is taking on Bulb Energy's 1.5million customers.

The provider is paying the government to take on the failed energy firm's customer base and staff.

Bulb fell into administration in November 2021, meaning millions of customers and staff were left in limbo as the government was forced to step in and bail it out.

But the latest deal will provide reassurance and bring an end to taxpayer losses.

It comes after almost a year period in which administrators tried to find a solution to the firm's financial woes.

Grant Shapps, Business and Energy secretary, said: "Today’s sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most.

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“This is a fresh start and means Bulb’s 1.5 million customers can rest easy, knowing they have a new energy home in Octopus."

Should I do anything if I'm a Bulb customer?

Existing Bulb customers shouldn't have to do anything while their accounts are transferred.

Their credit balances will be moved across automatically as well as their existing direct debits.

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Octopus will be in touch with customers before any transfers are made.

Until that point, their regular point of contact at Bulb will remain the same.

Current Octopus Energy customers will not be impacted by the merger.

Richard Neudegg, director of regulation at Uswitch.com, said Bulb customers would still continue receiving their £400 energy rebate.

What happens if my provider goes bust?

Dozens of UK energy providers have gone bust since the start of 2021 after struggling with soaring wholesale gas prices.

Bulb didn't collapse, but entered special administration and is operating as normal.

However, if your supplier does fold, your energy won't be cut off so there's no need to panic.

Tashema Jackson, consumer champion at energyhelpline previously told The Sun: "Customers need not worry as their supply will not be affected and any credit balance will be protected. 

“The regulator, Ofgem, will find a new supplier for any consumers affected and automatically move them over."

Citizens Advice say if your new supplier doesn't contact you within two weeks, you should get in touch with them.

There are some things you can do before your supplier contacts you.

You can take meter readings, keep any old bills you have as they can prove your payment history and make a note of your account balance.

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Your account balance can be found on your most recent statement.

On top of this, you should wait until your new supplier is decided before cancelling any direct debits.

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