Octopus Energy completes acquisition of Shell’s UK and Germany energy supply business

Octopus Energy Group has started migrating a further 1.4 million UK home energy customers to its books, after this morning announcing it had completed the acquisition of Shell’s UK and German consumer energy supply business.

The UK-based green energy supplier said the acquisition would bring its total UK customer base to 6.6 million households, cementing its position as one of the nation’s biggest energy suppliers, in addition to adding further 300,000 former Shell customers in Germany. Octopus said it has also acquired almost 500,000 broadband customers from Shell as part of the agreement.

The deal follows Octopus Energy’s acquisition earlier this week of a 12.5 per cent stake in Ørsted’s 660MW Walney Extension offshore wind farm, which comprises 87 turbines in the Irish Sea, from Danish investor AIP Management.

“We are pleased to be the new home for Shell Energy Retail customers in the UK and Germany,” said Greg Jackson, founder of Octopus Energy Group. “Now even more customers can receive our five star customer service and choose from a whole heap of cheap, green tariffs, benefitting both their pockets and the energy system.”

Shell said it expected the transfer Shell Energy Retail customers’ credit balances and direct debits to their new Octopus account to be completed in mid-2024, as it advised customers to not move to a new energy supplier as the migration took place.

It stressed that it had a “strong-track record in large-scale customer migrations”, noting that it had completed the transfer of 1.5 million Bulb customers in just six months earlier this year.

Under the terms of the deal, Shell and Octopus have also strengthened their partnership on electric vehicle charge points.

Octopus said a “pending agreement” could see customers of Octopus’ EV chargepoint roaming service Electroverse benefit from offers at Shell forecourts and Shell Recharge EV subscriptions.

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