London24NEWS

Octopus Energy completes takeover of 1.3 million Shell prospects

  • Octopus has now taken over all of Shell’s former fuel and electrical energy prospects
  • The transfer makes Octopus the most important provider of electrical energy within the UK 

Octopus Energy has now absolutely taken over all 1.3million households from Shell Energy – and took simply two months to do it.

The deal formally makes Octopus the second-largest general power agency within the nation, behind British Gas – however the largest provider of electrical energy.

Octopus completed shopping for Shell’s retail power arm in December 2023. The power big says with this migration, it beat its earlier switching report by 4 months, which was set when the corporate took over Bulb’s 1.5 million prospects.

Greg Jackson, Octopus founder, stated: ‘We are thrilled to have accomplished the switch of all Shell Energy prospects to Octopus Energy, attaining this milestone in report time.’

Mission accomplished: Octopus has now shifted over all of Shell's energy customers

Mission achieved: Octopus has now shifted over all of Shell’s power prospects

There will probably be no main adjustments for former Shell prospects which have now joined Octopus.

The foremost distinction is round how the 2 power corporations ship out payments. 

Customers that don’t give Octopus month-to-month meter readings will get estimated payments each three months, reasonably than each 4 weeks as was the case with Shell.

That is as a result of Shell despatched out month-to-month payments to prospects no matter whether or not they had submitted a meter studying or not.

Octopus has a special coverage, so asks that prospects submit meter readings each month as a way to get a month-to-month invoice primarily based on these readings.

If prospects don’t give Octopus meter readings for 3 months then the power agency will ship them a invoice after that point primarily based on estimated power use.

Octopus will preserve supplying all former Shell prospects with 100 per cent inexperienced electrical energy. 

Octopus has additionally supplied over 6,000 of Shell’s most weak prospects free, energy-efficient electrical blankets to assist them minimize their power payments.

The power agency stated that prospects who used electrical blankets within the winter saved £150 a yr on fuel and electrical energy prices.

The common UK fuel and electrical energy invoice will probably be £1,690 a yr from 1 April, supplied households are on offers restricted by the Ofgem worth cap. 

Regulator Ofgem stated fuel and electrical energy payments had fallen to their lowest degree in two years, however that these nonetheless remained traditionally very excessive. 

Ofgem subsequent updates its worth cap in July 2024.

Octopus says the first Shell buyer was transferred over to Octopus simply earlier than Christmas to check the method, with the precise migration beginning on the 30 January.

It used its personal expertise platform, Kraken, which it says is probably the most adept software program system within the trade at large-scale buyer migrations.

Greg Jackson provides: ‘Thanks to the effectiveness of Kraken and Octopus’ promise of good customer support, we’ve seamlessly transitioned prospects to our platform whereas making certain a easy and hassle-free expertise.’

Octopus says all 500 customer-facing workers at Shell Energy have been supplied new roles, with the bulk primarily based at Octopus’ new Coventry workplace.