Octopus acquires Shell Energy’s 1.4 million household customers

Octopus Energy Group today has agreed a deal with Shell subsidiary Impello Limited to buy Shell Energy in the UK and Germany, taking on two million new home energy and broadband customers.
The deal will see Octopus Energy’s domestic supply customers grow to nearly 6.5 million in the UK (with 11 million meter points) and 300,000 in Germany.
Octopus said the purchase “comes after a competitive process run by Shell and includes 1.4 million household energy customers (2.5 million meter points) and 500,000 broadband customers”. The deal is expected to complete in the fourth quarter of 2023 following regulatory approval.
Octopus recently completed the transfer of 1.5 million Bulb customers. As part of the agreement, Shell and Octopus Energy have also signed a memorandum of understanding to explore a potential international partnership around 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.