Octopus Energy has pushed British Gas off its long-held perch as the UK’s largest energy supplier.
According to industry consultant Cornwall Insight, October now has a market share of 23.7% against 23.1% for Centrica PLC (LSE:CNA)-owned British Gas.
Octopus has only been in existence for a decade and has taken advantage of the chaos caused by the energy price spike following the Ukraine war though saw it buy the bankrupt Bulb
The group also acquired Shell’s retail energy business but has seen rapid organic growth in addition.
Cornwall Insights said Octopus now serves 12.9 million meters, a quarter of the UK total, with almost one million users switching to it in 2024.
Dan Morris, CEO at Cornwall Insight, said: “This is quite honestly the biggest development in the domestic retail energy market since it opened.
“Octopus Energy started from zero market share in 2015 and has worked its way up to the top spot on this measure in less than a decade.
“This is a notable achievement in the highly competitive and tightly regulated UK supplier market.”
Octopus today was also named Which? Recommended Provider for the 8th year running
Phil Amy, Which? Commercial Director, said: “Octopus has maintained its status as a recommended provider for several years running as it has increased in size.
It must continue to provide the customer service, support and value for money that its customers have rightly come to expect.”
Just six companies now supply over 90% of the household energy market.