Octopus Energy has sealed a deal to buy Bulb, its collapsed rival that has been run with billions of pounds of Government support for nearly a year.
Octopus said it is taking on Bulb’s 1.5 million customers “bringing an end to taxpayer losses and uncertainty for Bulb customers and employees”.
It added: “Octopus is paying the Government to take on Bulb’s customer base – it is believed that this will represent a higher amount per customer than suppliers typically paid to take on any of the 29 suppliers who have failed since September 2021.
“Taxpayers will also benefit from a profit share agreement for a period of up to four years.”
