Octopus Energy Group has announced its successful acquisition of Shell Energy Retail in the UK and Germany from Impello Limited. As part of the deal, Octopus will start the process of transitioning 1.3 million home energy customers to its systems from 1 December. The migration is estimated to be finished in mid-2024. This acquisition will enable Octopus to expand its customer base to 6.6 million households in the UK and almost 300,000 in Germany. Additionally, Octopus has acquired nearly half a million broadband customers from Shell.
Customers of Shell Energy Retail will be contacted in the following days with further details about the transition. There will be no disruption to their energy supply, nor will credit balances be affected, as they will be safeguarded and automatically transferred to customers’ new Octopus accounts, alongside existing direct debits. Octopus has a solid track record in successful large-scale customer migrations through its proprietary tech platform, Kraken, having conducted over 30 since its launch. Octopus advises customers to refrain from switching midway through the process as this can impact their service.
Furthermore, as part of this agreement, Electroverse, Octopus’ EV chargepoint roaming service, and Shell Recharge stations will strengthen their partnership. This pending agreement benefits Electroverse customers with offers at Shell forecourts and Shell Recharge EV subscriptions, offering them the most exceptional Fast Charging network in the UK.
Octopus Energy Group’s Founder, Greg Jackson, said, “We are pleased to welcome Shell Energy Retail customers in the UK and Germany to our platform. Our commitment to customers is paramount, and we will deliver the Octopus promise when we welcome these new customers too.” Octopus operates in 17 countries and holds significant businesses in energy retail, technology, generation, heat pumps, and electric vehicles. The company has gained over £1bn in investment from global giants, including investment funds, pension funds, and large energy companies.
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