Octopus Energy completes purchase of Shell Energy Retail in UK and Germany
Octopus Energy Group today announces it has completed the acquisition of Shell Energy Retail in the UK and Germany from Impello Limited, a subsidiary of Shell Petroleum Company Limited.
The green energy provider will start the technical process of migrating 1.3 million home energy customers to its systems in the UK and Germany from 1 December. The migration is expected to be completed in mid 2024.
This will grow Octopus to 6.6 million household customers in the UK (over 11 million meter points). Its customer base in Germany will grow to almost 300,000. As part of the deal, Octopus has also acquired almost 500,000 Shell broadband customers.
Shell Energy Retail customers should sit tight for now, as they will be contacted in the next few days with further details of the move. There will be a “smooth transition and no disruption” to energy supply. Credit balances are protected and will automatically be transferred to customers’ new accounts with Octopus together with existing direct debits.
Octopus has a strong track record in large-scale customer migrations through its proprietary tech platform Kraken, and has already operated over 30 since launch. To ensure a smooth transition, customers are advised to not switch midway through the migration process as this could affect their service and move to their new energy supplier.
As part of the deal, Shell and Octopus have also decided to deepen the relationship between Electroverse, Octopus’ EV chargepoint roaming service, and Shell Recharge stations.
The pending agreement will see Electroverse customers benefit from offers at Shell forecourts and Shell Recharge EV subscriptions, enabling them to make use of the most premium Fast Charging network in the UK.
Greg Jackson, founder of Octopus Energy Group, commented: “We are pleased to be the new home for Shell Energy Retail customers in the UK and Germany. 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.
“Our commitment to customers is paramount, and we will deliver the Octopus promise when we welcome these new customers too.”
Octopus is headquartered in London and operates in 17 countries, with significant businesses in energy retail, generation, technology, heat pumps and electric vehicles. It has received well over £1bn in investment from global giants, including investment funds, pension funds and large energy companies.
By Matthew Neville – Senior Correspondent, Bdaily
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