Business
Octopus Energy to take on nearly two million customers in Shell deal | Personal Finance | Finance
Octopus Energy Group has signed a deal to buy Shell Energy in the UK and Germany, taking on nearly two million new home energy and broadband customers.
The move comes after a competitive process run by Shell and will grow challenger energy supplier Octopus to nearly 6.5 million household customers in the UK and almost 300,000 in Germany.
Greg Jackson, CEO and founder of Octopus Energy Group, commented: “Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany.
“Octopus has proven that it delivers game-changing service whilst innovating and investing relentlessly towards a cheaper cleaner energy system.
“Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too.”
The deal, which will transfer 1.4 million Shell energy customers and 500,000 broadband customers to Octopus, is expected to conclude in the fourth quarter of 2023 following regulatory approval.
All Shell energy and broadband customers will then be contacted by email about the next steps. According to Octopus, the transition will not disrupt customer energy supply, nor will it bear an impact on customer’s credit balances. The firm said: “Credit balances will be protected, and will automatically get transferred to their new account with Octopus together with their existing direct debits.”
Octopus has a track record in large-scale customer migrations and recently completed the transfer of 1.5 million Bulb customers in just six months.
Natalie Mathie, energy expert at , commented: “We’ve known that Shell Energy has been planning to exit the UK retail energy market for a while, so it will be good for customers to have more certainty about what might happen next.
“Despite today’s announcement, it could take some time until the deal is approved and completed, although Shell Energy believes it could happen later this year. Until any takeover is done and dusted, the business will operate as normal.
Ms Mathie added: “Shell Energy’s decision to exit the market is disappointing, as it has been a well-backed challenger to the larger energy suppliers.
“It is important that there is strong competition between firms in the longer term, so suppliers cannot rest on their laurels when it comes to service quality and price.”
I’m a Shell customer, what does this mean for me?
Later this year, Shell’s home energy customers will move to Octopus Energy. According to advice published by Octopus on a blog that it pledges to keep “regularly” updated, Shell customers do not need to do anything as the transition will be automatic and there will be no disruption to energy supply.
It said: “Your energy prices won’t change as a result of the announcement. If you have a credit balance with Shell Energy, it is protected.
“You should keep your existing Direct Debit in place as all direct debits will be automatically transferred. You can get help from Shell and manage your account the same way you always have, and you’ll be looked after by the same dedicated team.”
It continued: “We’re expecting the agreement to get regulatory approval in Quarter four of 2023, and we’ll start moving customers to Octopus soon after that. Closer to that time, Shell will contact you with everything you need to know. We’ll work quickly and carefully to transition you over to Octopus and share regular updates.”
It also asks customers not to contact Octopus or Shell for more information and to instead follow this page for updates.
As part of the agreement, Shell and Octopus Energy have also signed a memorandum of understanding to explore a potential international partnership.
The companies are planning to bring the “best possible” experience to their EV charging customers, including Shell Recharge and Octopus Electroverse subscribers. Options will be explored for possible joint promotions, brand activations and other activities across the EV value chain.
Founded in 2015, Octopus is headquartered in the UK and operates in 15 countries, with significant businesses in energy retail, generation, technology and electric vehicles.
It has received over $1billion in investment from global giants, including investment funds, pension funds and large energy companies and has recently topped Citizens Advice’s star ratings.
Mumbai:
The Indian equity benchmark indices opened higher on Friday amid positive global cues, as buying was seen in the IT, pharma and auto sectors in the early trade.
At around 9.27 am, Sensex was trading 265.3 points or 0.33 per cent up at 80,066.81 while the Nifty added 89.85 points or 0.37 per cent at 24,336.55.
Nifty Bank was down 222.85 points or 0.40 per cent at 54,978.55. The Nifty Midcap 100 index was trading at 54,980.80 after increasing 10.95 points or 0.02 per cent. Nifty Smallcap 100 index was at 16,903.30 after declining 60.20 points or 0.35 per cent.
According to market watchers, “after a positive opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.
“The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,500. If the index advances further, 55,500 would be the initial key resistance, followed by 55,800 and 56,200,” said Hardik Matalia, Derivative Analyst of Choice Broking.
Meanwhile, in the Sensex pack, TCS, Tata Steel, Maruti Suzuki, Eternal, ICICI Bank, SBI, HDFC Bank, Infosys, M&M and Tata Motors were the top gainers. Whereas, Axis Bank, Tech Mahindra, Nestle India and IndusInd Bank were the top losers.
In the last trading session, Dow Jones in the US added 1.23 per cent to close at 40,093.40. The S&P 500 climbed 2.03 per cent to 5,484.77 and the Nasdaq added 2.74 per cent to close at 17,166.04.
In the Asian markets, Jakarta, Bangkok, Seoul, Hong Kong, China and Japan were trading in green.
According to analysts, US markets extended their rally on Thursday as investors snapped up hard-hit technology stocks, helping boost the S&P 500 out of correction territory.
The foreign institutional investors (FIIs) bought equities worth Rs 8,250.53 crore on April 24. However, domestic institutional investors (DIIs) sold equities of Rs 534.54 crore on the same day.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Mumbai:
Indian equity markets are trading in the red as tensions soar between India and Pakistan over the Pahalgam terror attack in Kashmir. Sensex, the 30-share BSE benchmark, has crashed over 1,000 points and is now trading below the 79,000-mark. Nifty, the NSE index of 50 shares, fell below 24,000 points.
The markets went up in early trade, driven by a global rally and fund inflows, but the momentum got lost thereafter, and it gave up the initial gains.
The markets are also upset by unimpressive March quarter earnings by Axis Bank, the third-largest private sector bank of the country. The bank’s shares have fallen 4.65% after reporting a decline in quarterly profit from Rs 7,130 crore in the year-ago period to Rs 7,117 crore.
Besides Axis Bank, major laggards include Bajaj Finance, Bajaj Finserv, Tata Motors, and Tech Mahindra. On the gaining side are TCS, Infosys, Reliance, HCL Tech, HDFC Bank, and ICICI Bank.
At least 26 civilians were massacred by terrorists in a tourist hotspot known as ‘Mini Switzerland’, leading to both countries pulling out their diplomatic staff and suspending visas issued to the other nation’s citizens. (Follow live updates here)
The latest flare-up at the Line of Control was speculative firing by Pakistani troops, which is being seen as an attempt to provoke the Indian side. Indian troops retaliated effectively against the firing from multiple Pakistani posts.
As Indian equities braced for the impact, global equities, including the Asian markets, were charting in the positive territory. South Korea’s Kospi index, Tokyo’s Nikkei 225, Hong Kong’s Hang Seng, and Shanghai SSE Composite were all in green.
Similar trends were seen in US equities, too. Last evening, Nasdaq Composite closed 2.74 per cent higher. S&P 500 jumped over 2 per cent and Dow Jones Industrial Average surged 1.23 per cent.
Mumbai:
Equity benchmark indices Sensex and Nifty declined in early trade on Thursday amid profit-taking after a seven-day rally and muted trend in Asian markets.
The 30-share BSE benchmark declined 242.01 points to 79,874.48 in early trade. The NSE Nifty went down by 72.3 points to 24,256.65.
In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48 per cent and the Nifty jumped 1,929.8 points or 8.61 per cent.
From the Sensex firms, Eternal, Bharti Airtel, ICICI Bank, Mahindra & Mahindra, HCL Technologies, Reliance Industries, and HDFC Bank were among the laggards.
IndusInd Bank, Tech Mahindra, Nestle, Bajaj Finance, Axis Bank, and Tata Motors were among the gainers.
In Asian markets, South Korea’s Kospi index, Shanghai SSE Composite, and Hong Kong’s Hang Seng were trading lower while Tokyo’s Nikkei 225 quoted in the positive territory.
US markets ended sharply higher on Wednesday. Nasdaq Composite jumped 2.50 per cent, S&P 500 surged 1.67 per cent and Dow Jones Industrial Average climbed 1.07 per cent.
Global oil benchmark Brent crude climbed 0.12 per cent to USD 66.20 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 3,332.93 crore on Wednesday, according to exchange data.
The BSE benchmark jumped 520.90 points or 0.65 per cent to settle at 80,116.49, the highest closing level since December 18, on Wednesday. The Nifty rallied 161.70 points or 0.67 per cent to 24,328.95.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
I went on holiday to Turkey and fled to Greece in a panic 3 days in | Travel News | Travel
Conor Benn shows true colours after losing to Chris Eubank Jr and picks his next fight | Boxing | Sport
LG confirms game-changing upgrade for these TVs – is your model on the list?
Education3 weeks agoCruise ship expert urges passengers to bring key magnetic items on board | Cruise | Travel
- Education3 weeks ago
People are just realising what ‘kiss of death’ code means on boarding pass | Travel News | Travel
- Video3 weeks ago
Putin Says He’s Ready to Discuss Oil, Energy Issues With Trump
- Movies2 weeks ago
Who Is Lawyer C Sankaran Nair And Why His Story Needs To Be Told
- Sports2 weeks ago
Jude Bellingham ‘in training bust-up’ and separated from team-mate | Football | Sport
- Entertainment2 weeks ago
Save money on Last of Us Complete and get spare PlayStation credit with discount deal | Gaming | Entertainment
- Sports2 weeks ago
Bahrain Grand Prix qualifying results changed as Mercedes slapped with brutal penalties | F1 | Sport
- Sports1 week ago
Arsenal player ratings vs Real Madrid: 10/10 given as Gunners progress to semi-finals | Football | Sport
