Octopus Energy has today announced it sixth acquisition in two years, confirming it has agreed a deal to purchase the domestic supply arm of energy and infrastructure specialist ENGIE UK. The deal would see the renewable energy supplier take on ENGIE’s 70,000 domestic UK customers, further expanding its 1.4 million-strong customer base. Octopus has completed a raft of acquisitions and partnerships in recent years, including a deal to provide services to the newly launched London Power community energy venture from Mayor Sadiq Khan. Meanwhile, rival ‘challenger’ brand OVO last week completed its acquisition of the domestic arm of ‘Big Six’ supplier SSE, making it the UK’s second largest residential energy supplier.
Business Green 20th Jan 2020 read more »
A cut-price gas and electricity supplier has fallen to a £129 million pre-tax loss for the past financial year despite claiming to make a “fair and healthy profit” on every customer. Bulb Energy said that its annual revenues had risen to £823 million in the year to March 2019, up from £183 million a year earlier, as its customer numbers soared from just over 300,000 to 1.1 million. However, gross profit, after deducting wholesale energy and network costs, was only £8.4 million, barely up on £7.8 million a year earlier, accounts filed at Companies House show. That meant its gross profit margin had fallen to only 1 per cent, which a spokesman said reflected its decision “not to pass on some short-term increases in energy costs to our members”.
The Times 21st Jan 2020 read more »