Co-op Energy and Octopus Energy announce ‘strategic energy partnership’
Newly negotiated partnership is the fourth successful deal made by Octopus Energy this year
Octopus Energy have successfully brokered a partnership with Co-op Energy in lieu of a rumoured buyout.
According to a press release by Co-op Energy, which operates under Midcounties Co-operative, it will still be operating its brand whilst Octopus will be managing its customer base and energy supply.
As for customers under Flow Energy and GB Energy, both of which are brands operating under Midcounties Co-operative, they will become Octopus customers over the next few months.
Octopus Energy currently supplies power to 850,000 customers and its acquisition of an additional 310,000 customers will increase its customer base to 1.2 million, as well as increase its market share to 3 per cent.
This is just behind its green competitor Bulb, which currently have a 4 per cent market share that translates as 1.4 million customers.
OVO Energy is not too far ahead with its 1.5 million customers and 5 per cent market share, which makes it the largest supplier in Britain after the Big Six suppliers. However, the medium-sized firm is currently in talks with SSE to acquire its retail customer base.
In the event that the deal is successfully met, OVO would then become the second largest supplier after British Gas.
Since it was established in 2016, Octopus Energy has experienced a substantial growth in its customer base, particularly in the last year after acquiring smaller firms like Affect Energy and Iresa Energy.
The fast-growing firm has received frequent praise for its high customer satisfaction, green tariffs, and customer-centric technologies.
Its customer ratings have been attributed to its highly-rated customer service, complaints handling measures, bill transparency, and overall value for money.
What does this mean for me as a Co-op Energy customer?
The Co-op Energy brand will still be operating, so this means you will continue to be a Co-op Energy customer and your prices will remain the same. You can also continue to collect points to put towards your Co-operative membership.
The only change you will experience is the ability to access Octopus Energy’s online customer support services.
What if I’m a Flow Energy or GB Energy customer?
You will become a fully-fledged Octopus Energy customer and therefore be able to benefit from Octopus Energy’s value-for-money green tariffs.
The move will take a few months to complete, but customers can rest assured that there will be no interruption to their current supply and they will be kept updated over the course of the large-scale switch.
In other words, there is no need to contact Octopus as they will get in touch with you.