Money Wellness
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calendar icon13 Mar 2024

Octopus Energy buys Shell- but what does it mean for Shell's customers?

Octopus Energy has bought Shell Energy’s household electricity and gas business, making it the second biggest energy firm in the UK after British Gas.

 Around 1.3 million Shell customers are being switched over to Octopus.

How do I switch over?

The takeover is due to complete in a few months, but some customers’ accounts have already completed the switch.

Current Shell customers won’t have to do anything because the switch will be automatic. Any direct debits and government energy bill discounts such as the 'warm home discount' or 'cold weather payments' will automatically be paid into your new Octopus account. This also applies to any energy credit built up with Shell.

Will my bills cost more?

If you don’t give Octopus monthly meter readings, you’ll get estimated bills every three months, rather than every four weeks like Shell did.

So, if you don’t give Octopus meter readings for three months, then the energy firm will send you a bill based on estimated energy use, and it could be more than your actual usage. Octopus advises you send them monthly meter readings to avoid this.

Do I need a smart meter?

It’s not mandatory, but having a smart meter gives Octopus access to it’s Octoplus reward scheme, which gives discounts in cinemas and some shops.

Will my electricity still be 100% green?

Yes- you'll still get 100% green electricity like you did with Shell.

 

Avatar of Lydia Bell-Jones

Lydia Bell-Jones

With a background in banking, Lydia has been writing professionally for over five years. She is passionate about helping people improve their personal finances and has a particular interest in the connection between money and mental health.

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