Bulb energy customers in rescue deal
OCTOPUS Energy sealed a deal to buy failed energy rival Bulb and take on its 1.5 million customers and 650 staff yesterday.
Bulb had been propped up by Government support since it collapsed due to soaring energy prices last November.
Octopus said it was taking on Bulb’s customers to “bring an end to taxpayer losses and uncertainty for Bulb customers and employees”.
It added: “Taxpayers will also benefit from a profit share agreement for a period of up to four years.”
The Department for Business, Energy & Industrial Strategy confirmed a deal had been reached.
It said it would “protect consumers and taxpayers” and “provide a stable new home for Bulb customers”.