Octopus Energy has paid over £3 billion to the UK Government after acquiring Bulb, ending the bailout of the energy company.
This payment brings in a £1.5 billion profit for the government, Octopus said.
The government stepped in to support Bulb when it went bust in November 2021.
A year later, it sold Bulb to Octopus Energy in a deal that benefited taxpayers and energy consumers.
The agreement included a wholesale contract to manage energy costs for Bulb’s customers.
There was also a profit-sharing plan, active until Octopus repaid the hedge funding.
The final payment was made on 30th September 2024, completing the bailout without extra cost to taxpayers or billpayers.
Earlier estimates suggested the cost could have been £6.5 billion.
Most of the profit – £1.28 billion – came from the wholesale agreement, taking advantage of falling energy prices during the repayment period.
The government also gained £19 million from the profit-sharing and £200 million in interest, with another £20 million expected soon.
This deal did not add any extra charges to billpayers.
Octopus offered jobs to all former Bulb employees, with 94% choosing to stay.
Bulb’s 1.5 million customers moved to Octopus’s systems in six months, avoiding disruption.
