💡 Octopus Energy is finalising a takeover deal of collapsed rival provider Bulb and its 1.6 million customers
, has been under public ownership since November in a special administration run by the restructuring firm Teneo.amid rocketing wholesale gas prices and the invasion of Ukraine.
Ministers have now been informed that the best outcome would be selling the company’s customer base of 1.6million, according to Sky NewsThe Octopus Energy deal, which reportedly has the backing of industry regulator Ofgem, could be agreed by the end of October and completed in December. Octopus Energy is reportedly asking for a £1bn taxpayer package to secure the takeover of Bulb, which is the UK’s seventh-biggest residential power supplier.
This would allow it to secure enough forward supplies of gas to carry the company through the winter. It would reportedly repay the funding over a number of months.More from
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