Judge to decide on Octopus deal for failed rival Bulb that would create Britain’s third biggest supplier
A High Court judge will this week decide whether Octopus Energy can snap up failed rival Bulb, creating Britain’s third biggest supplier.
The taxpayer-backed deal has faced delays after stiff opposition from rivals who have accused the Government and Octopus of ‘secrecy’ over the terms.
‘Secrecy’: The taxpayer-backed deal has faced delays after stiff opposition from rivals
Energy giants argued Bulb’s sale should not go ahead until all relevant information has been made public. Others raised concerns over what state funds were offered to facilitate the deal.
Bulb’s failure left taxpayers with a £6.5billion bailout bill.
Octopus picked up Bulb’s remaining 1.5million customers after it had been in ‘special administration’ since its failure last year.
The value of the deal has not been published. But Octopus is believed to have paid the Government between £100million and £200million.
An Octopus spokesman earlier this month said ‘continued uncertainty isn’t good news for Bulb staff or customers, or the taxpayer’.
More delays could follow should the losing parties seek to pursue a further challenge through a Judicial Review.