In a significant development in the energy sector, Octopus Energy Group has recently finalized the acquisition of Shell's consumer energy supply operations in the UK and Germany. This strategic move has resulted in Octopus Energy expanding its customer base in the UK to a remarkable 6.6 million households, reinforcing its status as a significant player in the country's energy market. This acquisition includes around 300,000 former Shell customers in Germany and nearly half a million broadband clients, further broadening Octopus Energy's service offerings.
This acquisition is part of Octopus Energy's larger growth strategy, evidenced by its recent investment in the Walney Extension offshore wind farm in the Irish Sea, where it acquired a 12.5% share from AIP Management. This wind farm, featuring 87 turbines, has a total capacity of 660MW.
Greg Jackson, the founder of Octopus Energy Group, expressed enthusiasm about welcoming Shell Energy Retail's customers from the UK and Germany. He emphasized the commitment to providing top-notch customer service and a range of affordable, eco-friendly energy options, which will benefit the customers' finances and the overall energy system.
For its part, Shell has assured that the transition of customer credit balances and direct debits to Octopus accounts should be smoothly completed by mid-2024. During this migration period, Shell has advised its customers against switching to new suppliers, highlighting its proven expertise in managing large-scale customer transfers, as demonstrated by the swift migration of 1.5 million Bulb customers earlier in the year.
The acquisition also fortifies the partnership between Shell and Octopus in electric vehicle infrastructure. A forthcoming arrangement is expected to offer unique benefits to users of Octopus' EV chargepoint roaming service, Electroverse, at Shell forecourts and through Shell Recharge EV subscriptions. This collaboration underscores the increasing focus on electric vehicle infrastructure, aligning with broader environmental sustainability goals.