Octopus Energy Shell takeover – eight key things all customers need to know as they’re moved over

Octopus Energy has bought Shell Energy’s domestic electricity and gas business, making it the country’s second-largest energy company after British Gas.

The deal means around 1.3 million customers will switch from Shell to Octopus in a process that is still ongoing but will be finalized in the coming months.

The good news is that the process is largely seamless and Shell customers don’t have to lift a finger, but there are some changes worth knowing about, including the way bills are calculated.

This is everything Shell customers need to know about its acquisition by Octopus Energy.

1. Will my bills change?

Possibly yes. Customers who do not provide Octopus with monthly meter readings will receive estimated bills every three months, rather than every four weeks as was the case with Shell.

Shell sent monthly bills to customers regardless of whether they had submitted a meter reading or not.

Octopus has a different policy, requiring customers to submit meter readings each month to receive a monthly bill based on those readings.

If customers do not provide Octopus meter readings for three months, the energy company will send them a bill after that time based on estimated energy usage.

An Octopus spokesperson said: “However, we prefer to bill based on actual readings as this prevents customers from being hit with a shocking bill if their consumption is higher than their estimates.”

2. When will my Shell account move to Octopus?

In the coming months, but many have already been changed.

Octopus completed its purchase of Shell’s retail division in December 2023.

The migration of Shell customers to Octopus is still ongoing, but the company has already transferred more than a million of these accounts, with around 300,000 remaining.

It took six months for Octopus to fully take over the energy accounts of customers of the failed energy company Bulb, which it bought in 2021.

3. Will my power supply be affected?

No, your gas and electricity supply will not be interrupted due to Octopus purchasing Shell.

4. Will my energy bills increase or decrease due to the acquisition?

Your energy bills may change in the future, but not thanks to Octopus.

Any Shell fixed rate energy deal will not change price until the fixed period ends.

Most Shell customers will be on variable rate tariffs, and these are limited by Ofgem’s price cap.

As the name suggests, these rates change in price over time, but due to decisions made by regulator Ofgem, not Octopus.

The average household on a price capped tariff pays £1,928 a year for gas and electricity, which will fall to £1,690 on 1 April. 13114045

5. Do I have to do anything to switch to Octopus?

No. Your direct debit payments to Shell will be transferred to Octopus automatically.

Similarly, discounts on government energy bills, such as the warm homes discount or cold weather payments, will be paid into your new Octopus account.

However, you may find it helpful to set up an online account with Octopus. This will help give meter readings and get support from Octopus staff.

6. What happens to my Shell energy credit?

Any credits accumulated in your Shell Energy account will be transferred to your new Octopus account.

7. Will I still get 100% green electricity from Octopus?

Yes. Shell customers got electricity that was billed as 100 percent green.

In practice, this meant that Shell paid for one unit of renewable electricity to be placed on the National Grid for every unit of electricity its customers used.

Customers who switch to Octopus will also receive completely green electricity, the company confirmed.

8. Will I be forced to purchase a smart meter?

No, although Octopus does encourage it.

An email from Octopus to Shell customers said: “Smart meters not only make it very easy to manage your energy, they can also help you reduce your bills.”

Having a smart meter allows Octopus customers to access its Octoplus rewards program, which offers discounts at cinemas and some stores.