Founded in 2015, Octopus has become the UK’s largest domestic electricity supplier, overtaking British Gas, according to recent figures from the energy regulator.
Octopus announced on Monday that since the first quarter of the previous year, it has gained a net total of 1.9 million customers, increasing its market share to 22% according to Ofgem statistics.
Of these new customers, 800,000 switched from competing suppliers, while the acquisition of Shell PLC’s (LSE: SHEL, NYSE: SHEL) retail business at the end of last year contributed an additional 1.3 million customers.
Octopus, referencing Ofgem data, noted that it is the only major energy supplier in the UK to have increased its market share over the past year.
Greg Jackson, the founder of Octopus Energy Group, stated:
“Our relentless investment in top-notch personnel and technology to enhance customer service and reduce costs is proving effective, as evidenced by today’s figures.”
Octopus has expanded quickly via a combination of strategic acquisitions and organic growth, notably incorporating customers from the defunct company, Bulb.
Jackson further commented, “I hope that our success serves as motivation for both entrepreneurs and established businesses to see that focusing on customers and investing for the long-term can lead to significant achievements.”
