Octopus Energy has successfully transferred all 1.3 million households from Shell Energy, solidifying its position as Britain’s second-largest energy provider. In just two months, Octopus accomplished this transition, marking a significant milestone in the energy market.
Swift Transition Sets Record
The completion of the deal not only propels Octopus Energy to the second-largest overall energy firm in the UK but also establishes it as the leading electricity supplier. Octopus finalized the acquisition of Shell’s retail energy arm in December 2023, surpassing its previous switching record by four months.
Greg Jackson, Octopus founder, expressed delight, stating, “We are thrilled to have completed the transfer of all Shell Energy customers to Octopus Energy, achieving this milestone in record time.”
Seamless Integration for Customers
Former Shell customers transitioning to Octopus can expect minimal changes, primarily concerning billing procedures. Unlike Shell’s monthly billing approach, Octopus requires monthly meter readings from customers to generate accurate bills. However, if readings aren’t provided, Octopus will issue estimated bills every three months.
Octopus reaffirms its commitment to sustainability by continuing to supply all former Shell customers with 100% green electricity. Additionally, it has extended support to over 6,000 vulnerable customers, offering energy-efficient electric blankets to help reduce energy costs.
Ongoing Market Trends and Regulatory Updates
As of April 1, the average UK gas and electricity bill stands at £1,690 annually, regulated by Ofgem’s price cap. While bills have seen a decline, Ofgem notes that they remain historically high. The regulator plans to update the price cap in July 2024, reflecting market fluctuations.
Streamlined Migration Process
Octopus initiated the migration process on January 30, leveraging its advanced technology platform, Kraken. This platform ensures a smooth transition, underscoring Octopus’ commitment to exceptional customer service. All 500 customer-facing employees from Shell Energy were offered new roles, reinforcing Octopus’ dedication to its workforce.
Greg Jackson emphasizes, “Thanks to the effectiveness of Kraken and Octopus’ promise of brilliant customer service, we have seamlessly transitioned customers to our platform while ensuring a smooth and hassle-free experience.”
Octopus Energy’s successful acquisition of Shell customers not only strengthens its market position but also highlights its capability to navigate large-scale transitions while prioritizing customer satisfaction.
Source：dailymail.co.uk
