Octopus Energy Group has confirmed a deal to buy Shell Energy in the UK and Germany, taking on 2m new home energy and broadband customers.
This deal means that Octopus has nearly 6.5m household customers in the UK (over 11m meter points). Its customer base in Germany will grow to almost 300,000.
The move comes after a competitive process run by Shell and includes 1.4m household energy customers (2.5m meter points) and 500,000 broadband customers.
The deal is expected to complete in the fourth quarter of 2023 following regulatory approval.
Octopus has a strong track record in large-scale customer migrations through its proprietary tech platform Kraken. The company recently completed the transfer of 1.5m Bulb customers in just six months – an industry record.
Greg Jackson, CEO and founder of Octopus Energy Group, said:
Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany. Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system. Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too.
As part of the agreement, Shell and Octopus Energy have also signed a memorandum of understanding to explore a potential international partnership. The companies are planning to bring the best possible experience to their EV charging customers, including for Shell Recharge and Octopus Electroverse subscribers. Options will be explored for possible joint promotions, brand activations and other activities across the EV value chain.
Octopus has put together this information page for Shell customers to find the latest news on their transition: octopus.energy/shell
