Bulb switchover to Octopus: Important update to customers joining Octopus as firm purchases Bulb's energy supply business

Octopus have purchased Bulb's energy supply business – and issued an update to all Bulb customers around future pricing and the stage of the change over.

The UK Government will pay up to £4.5 billion to help fund the takeover of collapsed energy firm Bulb by rival supplier Octopus, according to new filings.

It came after the takeover was closed shortly before midnight on Tuesday despite legal challenges by rival energy suppliers.

Bulb had around 1.6 million customers when it collapsed a year ago – making it simply too big for customers to be transferred to a new supplier by Ofgem as is normally the case.

Octopus have sent an update on prices and switchovers to Bulb customers

As a result the Government was forced to step in and run the business under a so-called special administration.

Key details for Bulb customers moving to Octopus

If customers have issues with their supply, support will still be offered by the Bulb team and customers should contact Bulb as usual.

When will Bulb customers switch over to Octopus?

Bulb customers will switch over to Octopus over the next few months, with the transfer to the different energy platform being set up by Octopus. Customers don't need to do anything.

Will prices go up and will you need to set up new payments on Octopus?

Customers have been informed that there will be no change to your supply and balances will automatically transfer to Octopus.

Payment for energy by top-up are working as normal and Direct Debits will be moved to Octopus when needed – again customers will not need to act.

Will Bulb prices go up amid the switch to Octopus?

According to an email sent to Bulb customers there won't be any changes to your prices as a result of the switch over, and prices shared from January will be honoured.

Do you need to download the Octopus app?

As of yet customers do not need to do anything. They will be informed when their account is moving across to Octopus systems, and new account details and logins will be sent out. Until then, you'll still be able to use your Bulb account and app.

Has the takeover been completed?

New owner Octopus Energy said the transfer took place at 11:58pm on Tuesday evening after approval from the Business Secretary and the High Court.

Rivals to Octopus have claimed that the process was flawed, with British Gas, ScottishPower and E.ON all taking part in a legal challenge.

An email to all Bulb customers reads: “You may have read reports in the press about some of the legacy suppliers contesting the purchase, through a process called Judicial Review. Whilst that process rattles its way through the courts, we're determined to do all we can to make sure Bulb customers are not affected and will work unbelievably hard to deliver a smooth transition for you, and for Bulb's staff.”