The deal is the sixth acquisition for the gas and electricity supplier in two years
Octopus Energy to acquire ENGIE’s UK residential energy supply business. (Credit: Pixabay/Ken Toshima)
UK-based electricity and gas supplier Octopus Energy has agreed to acquire French electric utility Engie’s UK residential gas and electricity energy supply business for an undisclosed amount.
Under the agreement, Octopus Energy will acquire ENGIE’s 70,000 UK residential energy supply customers.
The deal marks the sixth acquisition for Octopus Energy in two years, while the company also powers M&S Energy and London Power.
Through the acquisition, the company expands its growth with its total number of customers from 500,000 to 1.4 million last year, which is about 5% of the UK market.
Octopus Energy CEO Greg Jackson said: “Octopus Energy is investing to drive the green energy revolution – our technology enables a lower cost transition and our rapid growth means we can bring the benefits of cheaper, greener, smarter energy to ever more customers.
“It is an honour to acquire ENGIE’s UK home energy supply operations, enabling ENGIE to focus on their expanding services in other sectors whilst we bring their customers Octopus’s renowned service, pricing and technology.”
ENGIE makes strategic decision to focus on its journey to zero carbon
The agreement to sell ENGIE UK’s residential energy supply business comes under a strategic decision made by Engie to leave the domestic energy market in the UK and to partner with businesses and local authorities to lead its journey to zero carbon.
ENGIE said that it will continue to invest and develop the areas which support its zero carbon strategy.
ENGIE UK & Ireland CEO Nicola Lovett said: “Our decision to exit the UK residential energy supply market is driven by our focus on activities closely aligned to our UK strategy of making zero carbon happen for businesses and local authorities.
“ENGIE remains deeply committed to the UK and we will continue to invest and play a leading role in the UK’s journey to a net zero future.”
In January last year, Octopus Investments along with Australian renewable energy company Edify Energy arranged over $450m to finance solar power station at Darlington Point near Griffith in New South Wales.