House of Commons · Written Ministerial Statement
Energy Update
31 October 2022 · Department for Business, Energy and Industrial Strategy
Proposed by Grant Shapps Con Welwyn Hatfield
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Grant Shapps approved Octopus Energy's bid for Bulb Energy Limited.
- The Energy Bill Relief Scheme will provide price reduction for eligible businesses starting November 2022.
- The scheme will run until March 2023 to support growth, prevent insolvencies, and protect jobs.
Issue summary
Grant Shapps is providing an update on the M&A process for Bulb Energy Limited and announcing the approval of Octopus Energy's bid along with details about the Energy Bill Relief Scheme (EBRS).
Action requested
The minister has approved the Octopus bid transaction and associated funding facility amendments, and the EBRS will provide a price reduction for eligible businesses starting November 2022, running until March 2023. The scheme aims to support growth, prevent insolvencies, and protect jobs.
Key facts
- Bulb Energy Ltd was taken into special administration on 24 November 2021.
- The SAR funding agreement with BEIS is worth approximately £1.7bn.
- Octopus Energy's bid has been recommended as the optimal way to achieve statutory objectives.
- EBRS will provide a price reduction for eligible businesses and non-domestic customers from October 2022 until March 2023.