Octopus Energy turns first revenue after shopping for collapsed rival Bulb

Octopus Energy made its first annual revenue final yr due to its swoop for collapsed rival Bulb.

The provider had made a loss yearly because it launched in 2016 however it soared to a £203m revenue within the 12 months to the tip of April. 

That was in contrast with a lack of £141m a yr earlier and got here after it purchased failed provider Bulb out of administration in December 2022. 

Bulb was initially bailed out by the Government when it went bust in November 2021, which is ready to price taxpayers £6.5billion.

It was the largest of the greater than 30 suppliers that collapsed following a pointy rise in wholesale power costs. The deal gave Octopus an additional 1.5m clients. Another 300,000 customers additionally signed up independently of the deal. Octopus has 7.7m clients. 

Change of fortune: Octopus had made a loss yearly because it launched in 2016 however it soared to a £203m revenue within the 12 months to the tip of April

Higher payments additionally helped to triple revenues to £12.5billion. Octopus mentioned it’s the largest electrical energy provider and second largest gasoline supplier to households within the nation.

Founder Greg Jackson mentioned: ‘As an organization which instantly provides hundreds of thousands of family and enterprise clients, our dedication to caring for them and our workers has been extra essential than ever. 

‘I’m tremendously happy with the way in which our staff has tirelessly supported clients by means of the power disaster.’

Octopus mentioned it invested £69m in the course of the interval to maintain costs decrease – together with conserving its commonplace variable tariff beneath the power value cap and a 4 per cent discount in standing costs.