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Octopus Energy Complete Takeover of Co-op Energy

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Octopus Energy has agreed to buy out Co-op Energy, taking on the supplier’s 300,000 UK customers.

The challenger energy supplier will take on the customers of all three brands owned by Midcounties Co-operative – Co-op Energy, Flow Energy and GB Energy. However, Co-op Energy will continue to use its brand name and Midcounties Co-operative will still be responsible for sourcing new customers for that brand.

Octopus Energy currently supplies gas and electricity to 850,000 UK customers, but the extra 300,000 customers it will take on means the firm will now supply energy to over a million households and is fast becoming a major player in the UK energy market. The only energy suppliers with more domestic customers are the Big Six plus Bulb and Ovo Energy.

Any customers of Co-op Energy, Flow Energy or GB Energy need not to worry as their current fixed rate deals will stay the same, while anyone on variable tariffs will pay the same or less. Furthermore, customers should benefit from improved customer service, as Octopus Energy regularly scores well in customer satisfaction surveys.

“This acquisition and our ongoing partnership with Midcounties is another step on the road to improving the domestic energy market for good,” said Greg Jackson, chief executive of Octopus Energy. “Our renewable energy supply and outstanding technology is now delivering award winning service to over a million homes in the UK with 100% green electricity as standard.

“Co-op is one of the most well-respected British brands and we’re delighted to be working with them alongside our other cherished partners. I am also very excited about our joint venture for community energy. We have been hugely impressed by Co-op Energy’s achievement in this area and we believe that together we can help even more people from across the UK to come together in developing new sources of sustainable power.”

Phil Ponsonby, chief executive of Midcounties Co-operative, said: “The Midcounties board is extremely proud of what has been achieved by our energy business since we entered a market dominated by just a few energy companies back in 2011. At that time 99% of supply came from the Big Six and there were fewer than 12 companies on the market. Today there are over 70 and we firmly believe that we disrupted the market played out part in reducing the dominance of the big players by providing fair prices, supplying 100% green electricity and supporting community energy projects all across the UK.

“The market is now more competitive than ever, and it is clear that having the best technology is absolutely critical to delivering the best service to customers while maintaining a sustainable business for the longer term. Octopus have developed what we consider to be the most innovative and customer-focused technology anywhere in the industry today. But it isn’t just about technology, we found an organisation that shared our values, and put customers, colleagues and the environment at the heart of what they do.”

Fergus Cole
Fergus Cole

Fergus is a journalist specialising in the personal finance, energy and broadband sectors. He also has a passion for travel and adventure so tries to make the most of this in any spare time he gets.

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