MARTIN Lewis has issued a warning to 2million energy and broadband customers to check if they could be affected by a new change.
On his latest episode of the Martin Lewis Podcast, the MoneySavingExpert.com (MSE) founder discussed the sale of Shell’s home energy arm to Octopus.
Martin Lewis has warned people about a potential bill changeRex
The purchase will mean 1.4million Shell energy and 500,000 broadband customers will be transferred over to Octopus.
Customer credit balances are protected, and will automatically get transferred to their new account with Octopus together with their existing direct debits.
Martin warned households that there is a chance the cost of their bills could change, but only for some customers.
On the episode, he said: “Now there shouldn’t be any disruption to your service when you’re transferred over and I shouldn’t think there should be any change to your contract if you’re on a fixed tight deal.”
“If you’re on a variable contract there is a possibility the price will change though having said that, Octopus has generally been known as one of the best customer service providers out there and I suspect what it will want to do is try to keep your business once you move across.”
This means that your monthly bill could change slightly when the move is made, though this isn’t set in stone.
If you are on a variable contract, it’s worth keeping an eye on it when the transfer is made, or checking with your provider beforehand.
Martin also added that if it is anything like the previous energy transfers he’s seen, new Octopus Energy customers are often happier than where they were before.
In addition, the MSE founder expressed concern over the 500,000 broadband customers moving from Shell.
Now Octopus does not have a broadband arm, so Martin therefore said he was unsure about what could happen to these customers.
He suggested that these customers may be transferred over before being sold to a different provider, though this is all speculation.
Affected customers are usually given several months’ notice before their accounts are transferred over to the new supplier.
If the deal is approved it will catapult Octopus Energy to become the UK’s second largest energy supplier with 6.5million customers.
Octopus and Shell expect to complete the deal in the fourth quarter of 2023 but the buyout would be subject to usual regulatory approval.
In the meantime, tariffs and offers will remain unchanged for all existing energy customers.
Octopus Energy has said that there will be a smooth transition and no disruption to customer energy supply.
Octopus Energy recently completed the transfer of 1.5million Bulb customers in just six months – an industry record.
Greg Jackson, chief executive and founder of Octopus Energy Group, said: “Following a stringent process, we are pleased to be acquiring Shell Energy Retail in the UK and Germany.
“Our commitment to customers is paramount and we will do whatever it takes to deliver the Octopus promise when we welcome these new customers too.”
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