Monday, May 27, 2024
News

Octopus Energy confirmed as UK’s largest electricity supplier by Ofgem

Octopus Energy was the only large energy supplier to increase its market share over the past year, new data from Ofgem reveals.

Octopus has gained more than 1.9 million (net) customers since Q1 2023, reaching a market share of 22% with 6.8 million households served by the company.

The company led the switching market in 2023, with more than 800,000 customers choosing to join from other suppliers – or one new customer per minute.

In addition, 1.3 million households transferred over from Shell Energy Retail following Octopus’ takeover of the business in late 2023.

Octopus is now officially the UK’s largest electricity supplier – only eight years after launching to the market.

The brand is well-loved by customers and comes out on top in almost every service ranking including Which?, Trustpilot and Money Saving Expert. It’s also the only energy supplier named Which? Recommended Provider for seven years in a row.

Octopus is often hailed as a UK business success story. TIME Magazine has named it one of the world’s ‘100 Most Influential Companies’ while the UK government recently featured it as one the country’s poster child businesses in its ‘GREAT’ campaign, which aims to attract foreign investment into the UK.

Octopus has quickly expanded across the world over the past years and is now active in 18 different countries, looking after almost 8 million households globally. It is also one of the largest investors in renewables in Europe, managing a portfolio worth £7 billion.

The technology which enabled Octopus to do this – its Kraken platform – is now licensed to 54 million customer accounts across 16 countries, and is increasingly being adopted in other sectors such as water and broadband.

Greg Jackson, Founder of Octopus Energy Group, comments: “We’ve invested relentlessly in outstanding people and technology to deliver better customer service and lower costs – and today’s news shows that this works.

“I hope that we can inspire both entrepreneurs and existing companies that by investing for the long-term, and truly focusing on customers, they can deliver success for themselves and for those they serve.”