producing what it will claim this week was an unanticipated £1.5 billion windfall for taxpayers.
News has learned that Octopus Energy will announce on Thursday that it has paid the government more than £3 billion, including more than £40 million accrued under a profit-sharing agreement that was established between the company and Whitehall two years ago.
According to industry sources, the announcement would indicate that Octopus Energy, which is currently the second-largest gas and electricity supplier in the UK after British Gas, has paid back all of the state assistance that was provided as part of the agreement.
Despite spending almost £1.6 billion to address the Bulb situation, one source claimed that a hedging agreement that had been put in place at the time of the transaction had resulted in a fortunate windfall for the public coffers from the decline in wholesale energy prices.
According to data that will be released on Thursday, the business paid back £1.85 billion to the government as part of that wholesale deal.
