The purchase of Shell’s household energy retail business in the UK and Germany may increase questions around the valuation of Origin’s stake in Octopus.
Origin Energy’s partly owned Octopus business in the United Kingdom will add two million customers after striking a deal to buy Shell’s energy retailing business in the UK and Germany.
Octopus CEO Greg Jackson said Shell and Octopus would also examine an international partnership in EV charging.that had previously estimated the value of the Shell business at between $US50 million and $US100 million. Shell flagged this year it would look to sell its retail business in the UK and Germany and ran a competitive process for the portfolio, which includes 1.4 million household energy customers and 500,000 broadband customers.Octopus is already the second-largest energy retailer in the UK, having last year picked up the Bulb business, the biggest of several retailers to collapse in 2021 amid surging wholesale energy prices and regulated price caps. It had 1.5 million customers.
“To drive performance, discipline and simplification, we are prioritising countries, projects, and routes to market where we can deliver the most value. We will work closely with Octopus to ensure a seamless transition and continued high standards of customer service.
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