Coop Energy -> Octopus. Bad news?

Legacy_user

Had my eye off the ball so only just realised Co-op energy have bounced me in to Octopus Energy.


First ethical question to the Co-Op, why on earth didn't you warn customers in ADVANCE of the move, so they could switch elsewhere if they so chose?


Now we're all stuck and forced to switch to Octopus, and in you own admission, not able to switch elsewhere until that process has completed, which you say will take some weeks.


Octopus may or may not be the best thing since sliced bread, but I'm very unimpressed that I'm forced into this. So I'll be leaving you.


What is happening to the Co-Op? I left your bank some years ago when it was taken over by an American hedge fund (but kept the Co-Op name).


I will always support my Co-Op local shop, but it seems everything else you have touched has turned to dust :-(

Stuart_W

I'm a Co-op energy customer.

They told me. I received an email on 29th August, the same time the news was announced to the media.

Tariffs and billing arrangements, payment methods and contact details all remain the same.

They explained that for a few days during the switch over to the Octopus billing system, a switch isn't possible, but we were certainly told in time to jump ship before hand if so inclined

Since this week, the coop website prompts you to enter your account number first to identify you as being on the Coop or Octopus system and routes you accordingly, so perhaps switches have started. I haven't been transferred yet.

Co-op energy is becoming a " white label" energy brand, so we'll still see Co-op energy on the bills. How and how much we pay is not affected, and if customer service ratings are to be believed, this should be better under Octopus.

Midcounties Coop members will continue to receive divi points on coop energy spend.

They have offloaded the risk to cut loses. Suggestions are Octopus paid about £30 million, although officially it is for an undisclosed sum. I've been with a white label supplier before for many years (Ebico), it is nothing to worry about.

Midcounties wanted to avoid becoming saddled with huge debts whilst building up the energy customer base. Cooperative societies become at the mercy of their debt owners if they borrow huge at it goes wrong. The Co-op bank is now owned by the institutions that bought up its debt. They ended up with no say in the matter. Midcounties didn't want to risk thus happening to their energy supply business.

Alison69

I was told originally could not switch until the transfer had been completed and that all contracts/tariffs would be honoured including methods of payment (from both Co-op and Octopus). Now the transfers are happening I have been told that they won't be honouring the method of payment and, in an email today, that if I didn't like it I could leave. Although as we know at the moment we can't. I am disgusted by all parties to be honest. Co-op for not explaining things clearly to give an alternative and Octopus for going back on their promises. So much for Which giving them top marks for their customer service. Certainly not my experience of them. If I cannot switch to a tariff that is at least equal I will be expecting them to reimburse me.

JJ_Egan

Likewise informed way back in the summer .

PennyForThem_2

yes informed by email plus news bulletins on radio as soon as it happened.

Octopus to be fair is well rated by Which? for customer service.

UnclaimedEnergy

Surely the switch would have now been completed.

If you hadn't noticed for 2 months then it doesn't look it it really would had affected you.

Co-op have been loosing customers constantly and have only kept themselves going this long through obtaining customers from SoLR.

Compared to Toto buying Solarplicity customers, I think you probably got off a bit lucky here.

kingstreet

Got my regular Co-op email to confirm bill issue today but website is down so I can't download it.

System

Thanks Stuart_W for the detailed background information. It does sound like my speculation that everything they touch turns to dust, was not inaccurate :-(

First I heard was 23rd October when I got 2 identical emails, one sent from Co-op Energy and one from 'Greg at Octopus', both telling me my account is in transition.

AAMOI, I wonder how many customers were handed over to Octopus. I see, with some amazement, that they typically pay £100 to acquire a new customer (£50 to the referer, £50 to the referee; how on earth do you stay in business paying silly money like that...?)

bristolleedsfan

markval wrote: »

I see, with some amazement, that they typically pay £100 to acquire a new customer (£50 to the referer, £50 to the referee; how on earth do you stay in business paying silly money like that...?)

Not completely true, 100.00 refer a friend split is designed to be as the phrase indicates "friends" someone that the referrer knows, vast majority of people will have joined either direct to Octopus website with no sign up incentive or at lesser cost to the business via a comparison site/other marketing channel/phone/sales person etc

Easy to find how many customers Octopus bought via Google search together with reported cos of the aquisition.

https://www.moneysavingexpert.com/news/2019/08/octopus-energy-to-take-on-co-op-energy-s-300-000-customers-/

https://www.theguardian.com/business/2019/aug/28/octopus-energy-buys-out-rival-to-propel-it-into-the-big-time