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Fury as Octopus Energy seeks £1bn taxpayer support to buy failed competitor

"We could have public ownership instead of this farce. Now is the time to set up a state owned energy supplier to keep bills down."

Joe Mellor by Joe Mellor
2022-08-01 14:05
in News
Credit:PA

Credit:PA

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Octopus Energy is seeking £1 billion in taxpayer funding to take over collapsed rival Bulb from the UK government, which has sparked fury.

It comes as bosses at Centrica and Shell were branded “money-grabbing” on one front page on Friday. “Profits in misery,” another said.

The businesses both combed in big profit increases as they benefited from higher prices for oil and gas around the world.

Bulb

Bulb has been bailed out by the state and is being run by an administrator since going bust last November.

The £1 billion funding is part of a package being discussed where Octopus would also pay more than £100 million for Bulb’s customers as well as entering a profit-sharing deal with the government.

The government declined to comment “due to commercial sensitivity.”

Paul Lewis tweeted: “Only one bidder left as Octopus reaches out its arms for Bulb – but wants £1bn to take it off the Govt’s hands. That would take the total cost of Bulb’s collapse to £3bn. Add on the £2.7 billion for 28 other failed companies to get the extraordinary cost of @ofgem’s failings.”

Only one bidder left as Octopus reaches out its arms for Bulb – but wants £1bn to take it off the Govt’s hands. That would take the total cost of Bulb’s collapse to £3bn. Add on the £2.7 billion for 28 other failed companies to get the extraordinary cost of @ofgem’s failings. pic.twitter.com/gdgh8KbGE4

— Paul Lewis (@paullewismoney) July 31, 2022

It is worth watching this clip of Jack Monroe slamming the energy companies on GMB last week.

With energy bills set to reach record highs this autumn, is it time for energy firms to start sharing their wealth?

Author and campaigner @BootstrapCook reacts to the profits energy firms have recorded and Centrica's decision to restore dividends as profits soar. pic.twitter.com/Ip552mtaay

— Good Morning Britain (@GMB) July 29, 2022

Reactions

It is safe to say this news has not been met with much praise:

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1.

How can the Govt refuse to answer questions concerning 1bn funding to Octopus Energy to buy out Bulb energy claimimg 'commercial sensitivity' when its OUR money, taxpayers money that is being used for the deal! I, and all taxpayers, have a right to know. Spill…

— Hills of Arran (@hillsofarran) July 31, 2022

2.

💡 Bulb's collapse has cost taxpayers £2bn already. Now Octopus are asking for £1bn from the government to buy Bulb!

We could have public ownership instead of this farce. Now is the time to set up a state owned energy supplier to keep bills down. https://t.co/bqiniMCnc2

— We Own It (@We_OwnIt) August 1, 2022

3.

Why does a private company need public money to buy something? This is atrocious!

— Josephine A McShane (@JWriter85) August 1, 2022

4.

The Rich get richer while the Poor get poorer.
The Tories are Privatising the profits and nationalising the debt.

Octopus Energy seeks £1bn taxpayer support to seal deal for stricken Bulb https://t.co/4D5XafEElV

— Geoff(Disenfranchised Socialist) (@gplondon) July 31, 2022

5.

Octopus Energy is seeking £1bn in taxpayer funding to take over collapsed ‘green’ energy rival Bulb from the UK government. The state bailout of Bulb is already expected to cost the taxpayer £2bn by next year. #CostOfNetZero

Read more: https://t.co/6QcIK6Xel0 pic.twitter.com/dyUhlvTJdz

— Net Zero Watch (@NetZeroWatch) August 1, 2022

6.

We could just have public ownership instead of the taxpayer paying Octopus £1 billion to buy Bulb!

Now is the perfect time to set up a state owned energy supplier (like EDF in France which has kept bill rises to only 4%) https://t.co/NWgYfWMMes

— Cat Hobbs (@CatHobbs) August 1, 2022

Related: Watch: Jack Monroe launches blistering takedown of energy companies as their profits soar

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