Energy bills alert as Octopus Energy buys Bulb

The energy supplier has been chosen to take over Bulb, after it was placed under ‘special administration’ by the Government. As part of Octopus Energy’s acquisition, 1.5 million new households will join the gas and electricity provider after months of uncertainty regarding their energy bills. This follows the recent series of energy suppliers going bust amid the ongoing cost of living crisis as wholesale industry prices amid the war in Ukraine.Bulb customers have been told to ‘sit tight’ as their accounts are changed over to Octopus Energy.According to the energy supplier, customers’ credit balances will automatically get transferred to their new account with their existing direct debits.Octopus Energy has confirmed it will reach out to households before accounts are transferred over to its systems.Until that point, customers will be looked after by the existing Bulb teams as today. However, Bulb customers will still be able to switch to another supplier if they prefer.READ MORE: 70 health conditions qualify for extra £156 a week in PIP from DWP Energy bills alert: Octopus Energy buys Bulb – ‘Fresh start for 1.5 million customers!’ (Image: GETTY)The supplier has confirmed that existing customers of Octopus Energy should experience no change as a result of the acquisition.The Government’s Business and Energy Secretary Grant Shapps shared why this business decision is necessary.He said: ‘This Government’s overriding priority is to protect consumers and today’s sale will bring vital reassurance and energy security to consumers across the country at a time when they need it most.’This is a fresh start and means Bulb’s 1.5 million customers can rest easy, knowing they have a new energy home in Octopus.DON’T MISSState pension sum may be less if you were ‘contracted out’ – check now [WARNING]What the falling pound will mean for YOUR finances [ALERT]Single mum on Universal Credit shares her top tips for saving money [INSIGHT]450,000 people may be placed on energy prepayment meters [ALERT]’Moving forward, I intend to do everything in my power to ensure our energy system provides secure and affordable energy for all.’Greg Jackson, the CEO and founder of Octopus Energy Group, added: ‘We take our responsibilities very seriously.”We will work unbelievably hard to deliver value for taxpayers and to look after Bulb’s staff and customers.’We started off as rivals but shared the same mission – driving a greener, cheaper energy system with people at the heart.READ MORE: Paramedic shares how she dishes up tasty meals costing 68p per portion Average energy bill per region (Image: EXPRESS.CO.UK)’The most important thing for Bulb customers to know is that their energy supply will continue as normal, and any credit balances will be protected.’The best advice for customers in this situation is to wait to hear from Bulb about what happens next. Your bills will still be covered by the Government’s Energy Price Guarantee until next April.’Customers shouldn’t expect any immediate changes to systems or contacts for a few months, but it’s likely customers will move over to Octopus’s systems in due course.’You will also continue to receive the £400 energy support, which is spread over six months from October to March.’