Octopus Energy to serve 1.4 million Shell customers

Octopus Energy, founded by Greg Jackson in 2015, expects the deal to close in the fourth quarter of this year. Photo: Andrew Crowley

The sale of Octopus means Shell will exit the home goods business in just six years.

The company first entered the UK home goods market in 2017 when it acquired an electricity supplier and First Utility broadband and the firm's 825,000 customers.

The company later expanded its presence through the acquisition of Green Star Energy and the Post Office energy business, as well as agreements to bring in some customers whose suppliers collapsed due to rising prices after the war. in Ukraine.

Steve Hill, Executive Vice President of Shell Energy, said: «This agreement follows the announcement made during Capital Markets Day to sell our electricity retail business in Europe.»

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«To increase productivity, discipline and simplify, we prioritize countries, projects and go-to-market routes where we can add the most value.

«We will work closely with Octopus to ensure a smooth transition and continued high standards of customer service.”