Energy crisis lifeline: Octopus vows it WON’T go bust amid soaring costs: ‘We will fight!’

Many energy suppliers have gone bankrupt over the past year, owing to the wholesale gas price rises which have seen around companies go out of business. This has left over two million customers dependent on the safety net provided by the market regulator, Ofgem, in order to maintain their gas supplies and protect their credit balances while they were moved to a new supplier.

Speaking to Express.co.uk, Mr Jackson explained that being incredibly well run and having impressive financial backing is the reason why Octopus Energy is still thriving.

He said: “There are a few factors that the companies that have gone bust have in common. None of which apply to us.

“Octopus started with a lot of capital. We had over £10million of investment right from the beginning, and now we’ve raised $1.5 billion of investment.

“Most [others] are in single digits. Even Bulb, which is the biggest, started with £500,000 and at peak raised less than £100m.

“I think we’ve raised 10 or 15 times more investment. That gives us a really strong balance sheet, which is needed if you’re gonna trade in energy.”

In November last year, Ofgem placed Bulb energy into special administration, becoming the largest company to fall during the energy crisis.

Bulb energy going under resulted in 1.7 million customers having to be relocated to other energy suppliers.

Mr Jackson said: “I think the other thing is that we’re running incredibly conservatively.

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