Saturday 25 September 2021 11:41 am

Gas crisis: Octopus Energy eyes takeover bid of rival Bulb

Octopus Energy is reportedly eyeing a takeover of energy challenger rival Bulb, amid the UK’s gas crisis which has drained supplier’s finances.

The energy supplier is among the parties which have requested access to data from Bulb’s financial advisers as it attempts to bag fresh funding, Sky News’ Mark Kleinman first reported.

The takeover would see Octopus become a serious rival in the UK market, which is dominated by energy heavyweights like EDF Energy and British Gas, as the combined company would then serve just under 4m households.

The potential acquisition follows the firm’s branching out into the renewables sector, with a £3.4bn deal adding green energy projects to its asset management portfolio in July.

The green deal, approved by the Financial Conduct Authority (FCA) in the summer, will Octopus Energy oversee more than 300 solar, onshore wind and biomass projects.

Taking over Bulb would make Octopus the sixth-largest player in the game, as the market swallows a string of casualties as a result of surging gas prices.

Earlier this week, smaller energy firms Green and Avro both confirmed they will cease trading. Both firms leave around 830,000 customers fearing higher bills this winter.

Octopus Energy declined to comment.