Octopus Energy completes purchase of Shell Energy Retail in UK and Germany

• Customers should sit tight – they will be contacted about next steps
• Credit balances and direct debits will automatically get transferred to their new account with Octopus
• Octopus Energy has the highest approval rating of any energy supplier in the UK, according to a recent analysis by Bain & Company

London, 1st December 2023 - Octopus Energy Group today announces it has completed the acquisition of Shell Energy Retail in the UK and Germany from Impello Limited (“Shell”), a subsidiary of Shell Petroleum Company Limited.

The green energy provider will start the technical process of migrating 1.3 million home energy customers to its systems in the UK and Germany from the 1st of December. The migration is expected to be completed in mid 2024.

This will grow Octopus to 6.6 million household customers in the UK (over 11 million meter points). Its customer base in Germany will grow to almost 300,000. As part of the deal, Octopus has also acquired almost 500,000 Shell broadband customers.

Shell Energy Retail customers should sit tight for now – they will be contacted in the next few days with further details of the move. There will be a smooth transition and no disruption to their energy supply. Credit balances are protected and will automatically get transferred to customers’ new accounts with Octopus together with their existing direct debits.

Octopus has a strong track record in large-scale customer migrations through its proprietary tech platform Kraken, and has already operated over 30 since launch. To ensure a smooth transition, customers are advised to not switch midway through the migration process as this could affect their service and move to their new energy supplier.

As part of the deal, Shell and Octopus have also decided to deepen the relationship between Electroverse, Octopus’ EV chargepoint roaming service, and Shell Recharge stations. The pending agreement will see Electroverse customers benefit from offers at Shell forecourts and Shell Recharge EV subscriptions, enabling them to make use of the most premium Fast Charging network in the UK.

Greg Jackson, founder of Octopus Energy Group, comments: “We are pleased to be the new home for Shell Energy Retail customers in the UK and Germany. Now even more customers can receive our five star customer service and choose from a whole heap of cheap, green tariffs, benefitting both their pockets and the energy system. Our commitment to customers is paramount, and we will deliver the Octopus promise when we welcome these new customers too.”

The company this year also completed the transfer of 1.5 million Bulb customers in just six months – an industry record – all while maintaining its award-winning customer service levels and its Which? Recommended Energy Supplier status for the 6th year running. The company also recently topped Citizens’ Advice’s star ratings.

According to a recent analysis by management consultancy Bain & Company, Octopus Energy has the highest approval rating of any energy company in the UK*. The company also tops TrustPilot ratings for energy suppliers and has won multiple awards - among others, it’s been named among Sunday Times’ ‘Best Places to Work’, Utility Week’s ‘Utility of the Year’ and was recently awarded one of TIME Magazine’s ‘100 Most Influential Companies’.

Octopus is headquartered in the UK and operates in 17 countries, with significant businesses in energy retail, generation, technology, heat pumps and electric vehicles. It has received well over £1bn in investment from global giants, including investment funds, pension funds and large energy companies.

Octopus has put together this information page for Shell customers to find the latest news on their transition, the page will be updated regularly: octopus.energy/shell

ENDS

Notes to editors:

*Bain analysis of company Net Promoter Score, 200 UK companies analysed and found that Octopus’s NPS of +25 was 39 points above the industry average of -14, the biggest difference of any company in any sector.

Press Contact

Octopus Energy Group

Press team

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy Group

Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 17 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.

Octopus serves 7.2 million customers globally through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support over 50 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy.

Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.

For more information, check out our website.