Octopus Energy has surpassed Centrica PLC (LSE:CNA)-owned British Gas as the UK’s largest electricity supplier, serving 6.8 million homes.
A net of 1.9 million customers have joined Octopus since the first quarter of last year, the company said on Monday, taking its share to 22% of the market based on Ofgem figures.
Some 800,000 of these switched from rival suppliers, while 1.3 million customers were added with the takeover of Shell PLC's (LSE:SHEL, NYSE:SHEL) retail business toward the end of last year.
“We’ve invested relentlessly in outstanding people and technology to deliver better customer service and lower costs,” founder Greg Jackson commented.
“Today’s news shows that this works,” he added.
Octopus was founded in 2015 and has since grown rapidly through a mix of acquisitions and organic growth. A landmark was taking onboard customers from the failed outfit Bulb.
Citing Ofgem data, Octopus said it was the UK’s only major energy supplier to gain market share over the past year.
“I hope that we can inspire both entrepreneurs and existing companies that by investing for the long-term, and truly focusing on customers, they can deliver success,” Jackson added.