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ENGIE Selling UK Residential Retail Supply Book, Buyer Named
January 20,2020 ENGIE has signed an agreement for the sale of its UK residential gas and electricity energy supply business to Octopus Energy, for an undisclosed consideration. Under the terms of the agreement, ENGIE’s 70,000 UK residential energy customers’ supply will transfer to Octopus Energy, who will honour all customers’ existing contractual terms. The deal includes residential customers of ENGIE-supplied brands Qwest Energy and Roar Power Octopus will serve about 1.4 million customers after the acquisition. The deal marks Octopus's sixth acquisition in two years ENGIE’s portfolio of business energy customers and district energy supply operations throughout the UK are not impacted by this sale. "ENGIE’s strategy in the UK is focused on leading the journey to zero carbon. It does this by bringing together a breadth of energy and services capabilities to help businesses and local authorities improve the efficiency of their operations and reduce carbon emissions. The agreement to sell its residential energy supply business reflects this strategy. ENGIE will continue to invest in and develop those areas which support its zero carbon strategy. These include EV infrastructure, smart building technology and offshore wind," ENGIE said Nicola Lovett, CEO of ENGIE in the UK & Ireland, said: "Our decision to exit the UK residential energy supply market is driven by our focus on activities closely aligned to our UK strategy of making zero carbon happen for businesses and local authorities."
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