1-20 of 22 results for subject:"Octopus Energy"
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To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether Octopus Energy’s compliance with capital requirements was considered when approving investment in Kraken Technologies.
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether Octopus Energy’s compliance with capital requirements was considered when approving investment in Kraken Technologies.
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he has taken steps to ensure that public investment in Kraken Technologies cannot be...
To ask the Secretary of State for Business and Trade, with reference to his Department’s press release entitled Business Secretary backs British scaleups with growth package and red tape review, published on 20 January 2026, whether he has taken steps to ensure that public investment in Kraken Technologies cannot be...
The Department for Business and Trade sets the overall strategic direction for the British Business Bank, which is operationally independent and carries out its own due diligence. The Department was informed by the Bank of its investment in Kraken Technologies on 7 January 2026, after the investment decision had been taken and the terms agreed.
The Department does not seek to assess the merits of individual investments within the Bank's portfolio. This includes company valuation, the position of other investors, or the other matters raised some of which are the responsibility of other public bodies.
To ask the Secretary of State for Energy Security and Net Zero, whether he has made an assessment of the potential impact of the Octopus Energy partnership with Ming Yang on national security.
To ask the Secretary of State for Energy Security and Net Zero, whether he has made an assessment of the potential impact of the Octopus Energy partnership with Ming Yang on national security.
We cannot comment on individual investment cases, but investment into the energy sector is subject to the highest levels of national security scrutiny, and we will continue to work closely with industry to build secure supply chains and ensure the UK remains one of the most attractive investment destinations in the world.
To ask the Secretary of State for Energy Security and Net Zero, what estimate he has made of the cost to energy customers of (a) Bulb Energy Ltd being placed in special administration and (b) the takeover by Octopus Energy.
To ask the Secretary of State for Energy Security and Net Zero, what estimate he has made of the cost to energy customers of (a) Bulb Energy Ltd being placed in special administration and (b) the takeover by Octopus Energy.
As per the recent NAO report, the latest estimate is that there will be an overall net cost of £240m: https://www.nao.org.uk/reports/investigation-into-bulb-energy/.
This estimate will be updated in due course once wholesale energy costs are fully reconciled.
To ask the Secretary of State for Energy Security and Net Zero, what comparative assessment he has made of the accuracy of the estimate by (a) Octopus Energy and (b) the Office for Budget Responsibility of the cost to the public purse of the administration of Bulb Energy.
To ask the Secretary of State for Energy Security and Net Zero, what comparative assessment he has made of the accuracy of the estimate by (a) Octopus Energy and (b) the Office for Budget Responsibility of the cost to the public purse of the administration of Bulb Energy.
The Office for Budget Responsibility’s (OBR) figure has been forecast in accordance with usual processes. The OBR’s figures are a snapshot of Government’s potential financial exposure as per modelling undertaken in September 2022. They do not include the entity’s repayments of wholesale costs at the price cap, which may be more or less than the gross wholesale energy costs and are not an estimate of the likely net costs to the taxpayer from Bulb. Costs will continue to fluctuate, driven by market volatility meaning any published figures remain uncertain.
To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the debate that took place in the House of Lords on 19 December 2022, whether the Octopus energy local tariffs referred to by the Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy at...
To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the debate that took place in the House of Lords on 19 December 2022, whether the Octopus energy local tariffs referred to by the Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy at...
As the licensed supplier, Octopus Energy is responsible for any energy tariffs offered to consumers, including the local ‘Fan Club’ tariffs currently available in Market Weighton, Caerphilly and Halifax. Octopus Energy owns the renewable energy generation associated with these local tariffs.
To ask the Secretary of State for Business, Energy and Industrial Strategy, in the context of Octopus Energy's takeover of Bulb, what assessment he has made of the implications for his policies of Octopus Energy’s commercial links with the China Electronics Corporation.
To ask the Secretary of State for Business, Energy and Industrial Strategy, in the context of Octopus Energy's takeover of Bulb, what assessment he has made of the implications for his policies of Octopus Energy’s commercial links with the China Electronics Corporation.
In the context of the sale of Bulb to Octopus Energy, the Government has assessed commercial aspects of Octopus. This review has not identified any areas for concern.
The Government’s priority is to ensure continued energy supply to Bulb’s customers at the lowest practicable cost.
To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 7 November 2022 on Bulb Energy: Takeovers, at what point during the takeover of Bulb Energy by Octopus Energy the process will cease to be commercially sensitive.
To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 7 November 2022 on Bulb Energy: Takeovers, at what point during the takeover of Bulb Energy by Octopus Energy the process will cease to be commercially sensitive.
The sales process between Bulb and Octopus Energy has not yet been completed. Due to the commercial sensitivity around the contractual documentation between Bulb and Octopus, to which the Government is not a counterparty, the Government cannot speculate on when this will cease. The Government remains committed to providing transparency to Parliament at the appropriate time.
To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will provide details of the profit share agreement that will apply until Octopus Energy has repaid the public funding from Government for the cost of the energy bought for Bulb customers.
To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will provide details of the profit share agreement that will apply until Octopus Energy has repaid the public funding from Government for the cost of the energy bought for Bulb customers.
A profit-share agreement will be put in place for the ringfenced business until agreed funding is repaid by Octopus. Under this structure, payments to shareholders or the wider Octopus group from the ringfenced entity would be restricted until the repayable funding to Government is complete.
The details of the profit share agreement are commercially sensitive and will not be published.
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether Octopus Energy is required to repay the costs of the energy that the Government will buy for Bulb customers in winter 2022.
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether Octopus Energy is required to repay the costs of the energy that the Government will buy for Bulb customers in winter 2022.
The Government will provide financial support to the new entity for the procurement of energy for Bulb customers over the course of Winter 2022. This financial support will be repaid by the new entity in accordance with an agreed repayment schedule.
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Government agreement with Octopus Energy to take over Bulb Energy includes the sale of Bulb Energy's parent company Simple Energy Ltd.
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Government agreement with Octopus Energy to take over Bulb Energy includes the sale of Bulb Energy's parent company Simple Energy Ltd.
The agreement with Octopus Energy to acquire Bulb does not include the sale of the parent company.
To ask the Secretary of State for Business, Energy and Industrial Strategy, how much Octopus Energy is paying the Government to take over Bulb Energy.
To ask the Secretary of State for Business, Energy and Industrial Strategy, how much Octopus Energy is paying the Government to take over Bulb Energy.
The terms of the agreement are commercially sensitive and will not be published.
To ask the Secretary of State for Business, Energy and Industrial Strategy, if she will publish details of Ofgem’s assessment of the transfer of Bulb’s customers to Octopus.
To ask the Secretary of State for Business, Energy and Industrial Strategy, if she will publish details of Ofgem’s assessment of the transfer of Bulb’s customers to Octopus.
Ofgem is an independent regulator and publication of their assessments is a matter for them.
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Competition and Markets Authority will be carrying out an assessment of market competition following the transfer of 1.5 million customers from Bulb to Octopus Energy, announced by his Department on 29 October 2022.
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Competition and Markets Authority will be carrying out an assessment of market competition following the transfer of 1.5 million customers from Bulb to Octopus Energy, announced by his Department on 29 October 2022.
The Competition and Markets Authority (CMA) is an independent non-ministerial department and determines any investigations it undertakes.
To ask the Secretary of State for Business, Energy and Industrial Strategy, what financial support the Government is providing to support Octopus Energy in its takeover of Bulb Energy.
To ask the Secretary of State for Business, Energy and Industrial Strategy, what financial support the Government is providing to support Octopus Energy in its takeover of Bulb Energy.
The terms of the agreement are commercially sensitive and will not be published.