Octopus Energy will repay nearly £3 billion to the Government, reimbursing the public funds it received to take over the collapsed energy supplier Bulb. This repayment, expected by September, will provide the next Government with an early financial boost. It also means that almost all the costs incurred from the temporary nationalisation of Bulb in 2021 will be recovered by the public purse.
The repayment is intended to reimburse the Government and taxpayers for the money spent on temporarily nationalising Bulb and ensuring the continuity of energy supply to its customers. Greg Jackson, founder of Octopus, said: “This outcome is a great result for taxpayers. Octopus worked hard in the darkest depths of the energy crisis to create a fair deal, meaning that although Bulb went bust with billions of liabilities, it has cost the Government almost nothing.