21 January 2020 | Herpreet Kaur Grewal
Engie, the energy and services group, has signed an agreement to sell its UK residential gas and electricity energy supply business to Octopus Energy for an undisclosed consideration.
Under the terms of the agreement, Engie's 70,000 UK residential energy customers' supply will transfer to Octopus Energy, which will honour all customers' existing contractual terms.
Engie's portfolio of business energy customers and district energy supply operations throughout the UK are not affected by this sale.
Nicola Lovett, CEO of Engie in the UK & Ireland, said: "Our decision to exit the UK residential energy supply market is driven by our focus on activities closely aligned to our UK strategy of making zero carbon happen for businesses and local authorities."