Octopus shines bright with over 1 million Bulb customers migrated in record time
- Octopus Energy successfully migrates a million Bulb customers in under 3 months following government deal
- Record speed migration made possible by Octopus’ Kraken tech platform
- OBR highlights potential £1.2bn profit for taxpayers following Bulb acquisition
London, Monday 20th March 2023 - Energy tech pioneer Octopus Energy has successfully migrated one million customers from Bulb onto its systems, completing the feat in less than three months since taking on the green energy company - a record for the industry.
Octopus announced the completion of its acquisition of Bulb in December 2022 - adding 1.5m customers and making it the second largest energy retailer in the UK. The move ended a year of uncertainty for Bulb customers, as Octopus committed to rapidly switching them over to Octopus’ 4.8* Trustpilot rated system.
Incoming customers can expect a world-class experience. Octopus - the only Which? recommended supplier for six consecutive years and most awarded energy company in the UK - was also ranked the best energy firm to be automatically switched to in a survey conducted by MoneySavingExpert.com*.
Octopus’ acquisition of Bulb from the UK Government has protected 650 green jobs and will provide a boost for taxpayers. The Office for Budget Responsibility (OBR) has highlighted that the government is expected to make a potential £1.2bn profit from the deal**.
Octopus has been able to migrate customers in record time due to its tech-forward approach to energy. New customers are switching over to its proprietary technology platform ‘Kraken’, an award-winning energy tech software which enables unparalleled customer service and unlocks the green smart grid, globally.
Kraken connects all parts of the energy supply chain from renewable energy generation to customer operations and billing, offering service levels so far unseen in the energy retail sector. It is operational in Europe, the USA, Australia, New Zealand and Japan and services over 30 million accounts across the world.
Greg Jackson, founder of Octopus Energy, comments: “We took on Bulb to provide the best service possible to customers who had been left in the lurch for almost a year. We’re so proud to have reached this milestone in record time - it’s yet another example of the speed of transformation that can be achieved by using technology in a smart way.
“Octopus is a tech company at heart, using technology to make energy easier and cheaper for customers - and we’re over the moon to be able to do this for Bulb customers now too.”
In a tweet, MoneySavingExpert.com founder, Martin Lewis, claimed Octopus’ purchase of Bulb was a “decent outcome for Bulb customers”. Going on to say that “Octopus customer service is strongly rated and in our surveys it was the most painless firm in transferring customers over”.
Notes to editors
* Survey of 12,000 customers conducted by MoneySavingExpert.com.
Octopus Energy Press office
About Octopus Energy Group
Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 19 countries, Octopus Energy Group's mission is going global.
Octopus’s domestic energy arm already serves 4.9 million customers with cheaper greener power, through Octopus Energy, Bulb, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a nearly £6 billion portfolio of renewable energy assets throughout the continent.
All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support 30 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.
In December 2021, Octopus Energy Group was valued at approximately $5 billion following investments from Generation Investment Management and Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.
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