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How stable are Octopus Energy? Are they strong enough to weather the current storm of bankruptcies?
Posted: Wed Sep 22, 2021 7:18 pm
by Stinsy
Rumours that our beloved ToU supplier has hit the buffers.
Unconfirmed at the moment...
Re: Octopus Energy Gone Bust?
Posted: Wed Sep 22, 2021 7:31 pm
by Joeboy
I hope you are incorrect.
Re: Octopus Energy Gone Bust?
Posted: Wed Sep 22, 2021 7:38 pm
by Stinsy
I hope so too! this is in the category as "very unconfirmed". I'd be overjoyed if it turns out to be a false rumour.
Re: Octopus Energy Gone Bust?
Posted: Wed Sep 22, 2021 10:40 pm
by AE-NMidlands
https://www.theenergyshop.com/energy-su ... pus-energy (which maybe isn't the most professional of assessments) says
Promising well funded new energy supplier
Octopus Energy is a new energy supplier which began taking on customers from July 2016. Like many of the growing number of new energy suppliers that have entered the market recently, Octopus Energy is still very much an unproven entity. However, so far they have made a promising start and look set to be a sustainable player in this market.
What we like about them is this.
They have a well thought through proposition, a swanky looking website and a clear focus on where they are going.
Most importantly, however, is that they have put together a serious management team and secured significant financial backing from a successful and fast growing investment management company. This should give them the financial clout to not only weather the volatility of the energy market but to be able to fund a rapid growth path.
and
https://www.nationalworld.com/lifestyle ... es-3389370 is quite positive too.
Let's hope so!
A
Re: Octopus Energy Gone Bust?
Posted: Wed Sep 22, 2021 10:51 pm
by Tinbum
I'd be surprised as he has been on the TV a lot the last couple of days
Re: Octopus Energy Gone Bust?
Posted: Wed Sep 22, 2021 11:07 pm
by Joeboy
Off the back of this thread I thought it prudent to request the reasonable amount of credit I have with Octopus returned. Generic reply yet interesting.
'Lots of people are contacting us today to try and sign up with us, or checking that we're ok given the current unprecedented wholesale energy situation in the news. Please don't worry, we are a well backed, prudently hedged company and we are not going anywhere. Our CEO Greg Jackson has appeared on BBC, ITV and Sky News this week to talk about the situation and reassure our customers that we are not at risk.'
Re: Octopus Energy Gone Bust?
Posted: Wed Sep 22, 2021 11:23 pm
by nowty
I cannot find anything credible that they are in trouble apart from some obscure newspaper which simply begged the question as they were quite a new player. They are quite large and have operations overseas. They get a lot of compensation from the national grid for running all sorts of trials. If there was one company the goverment should support is Octopus. Otherwise all that innovation, straight down the toilet and your left with the cartel of the big 6.
Re: Octopus Energy Gone Bust?
Posted: Wed Sep 22, 2021 11:33 pm
by Tinbum
Reminds me of an accountant that told me the best thing to do if you were going bust was to hold a big party. It gives the impression all is ok and so people will invest in you.
Re: Octopus Energy Gone Bust?
Posted: Thu Sep 23, 2021 1:06 am
by Mr Gus
Some accountant.
One of the sh1**y ones.I
Our Bill is due with octopus imminently, I would like to see them.weather this storm, they lead in terms of innovation,
Let's not start a rumour bonfire lest we all be worse off.I
Just back from the pub & witness to another London council social housing displacement to the countryside, potentially another 40 years of costly social adjustment for the area as self professed wide boys acclimatise to foreign environs , & dealing with that, will be unhappy therefore with rumour mill profitability of market destabilistion, less rumour more fact, tits up is not a favourable place to be & would add problems to the ripple turbine market.
Fact not conjecture (please)
Just the ill thought thread title potential needs changing imho please stinsy.
Re: Octopus Energy Gone Bust?
Posted: Thu Sep 23, 2021 6:27 am
by Paul_F
One thing about Octopus - their retail energy business is a much smaller fraction of the total than with many other suppliers, they also own wind farms, sell their billing platform to other suppliers, etc. The companies in trouble seem to be principally relatively small ones with no other businesses and insufficient hedging against future price rises.