Octopus Energy mulls bid for rival Bulb

OCTOPUS Energy is considering a move to take over its competitor Bulb as the UK’s gas crisis continues to hammer the finances of energy providers.

The challenger energy brand is one of the parties that have asked Bulb’s advisers for access to the company’s financial data as Bulb attempts to source new cash in the coming weeks.

The start-up, which provides gas and electricity to 1.7 million people in the UK, has been advised to raise funds and consider options such as joint ventures or mergers. If Octopus did mount a formal bid to acquire Bulb it would nearly double its two million-strong customer base to become a rival to Britain’s Big Six energy providers, which include EDF Energy and British Gas.

Meanwhile, one of Britain’s biggest oil refineries is teetering on the brink of collapse, piling further potential pressure on crisis-riven petrol stations. The Stanlow oil refinery in Ellesmere Port, which supplies about a sixth of Britain’s road fuel, is in urgent talks with HM Revenue & Customs over hundreds of millions of pounds it has to start repaying this week. Owners Essar Oil UK said: “Discussions with HMRC... are positive and we look forward to a resolution. As a responsible owner of a critical UK infrastructure asset, it is incumbent on us to ensure we are prepared for all scenarios, but we remain confident in our future.”

HMRC declined to comment.