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Octopus Energy set to buy collapsed UK energy supplier Bulb

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Oct 27 (Reuters) – The UK government is set to help close a deal that will see Octopus Energy Ltd buy Bulb Energy Ltd, which went bust last year, as soon as this week, Bloomberg News reported on Thursday, citing two people familiar with the matter.

Bulb said in November it expects to appoint administrators, as it became the biggest UK energy supplier to be driven into financial difficulty by a surge in wholesale gas and electricity prices.

More than 20 energy suppliers have collapsed since September last year because the regulator Ofgem’s price cap prevented them passing on rising costs to customers.

Octopus will become one of the UK’s largest energy suppliers after adding Bulb’s roughly 1.6 million household customers, according to the report.

Both Octopus and Bulb Energy declined to comment.

Reporting by Muhammed Husain in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

Source : Reuters

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