Octopus Energy will repay the Government £3bn for the funds it received for the takeover of Bulb.

The takeover, which made Octopus the largest energy supplier in the UK, resulted from Bulb’s collapse in 2021 and its brief nationalising by the Government. Bulb’s was the largest Government intervention in a business since RBS in 2008.

Bulb, along with around 30 other suppliers, was catch put of the sudden rise in wholesale energy prices since the attempted invasion of Ukraine. As prices have fallen, so too has the cost to Octopus, and an early repayment made possible. This may mean that the Government actually makes a profit on the deal too.

According to the Financial Times all of the funds should now be repaid by September.

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