CHALLENGER energy supplier Octopus has agreed to take over Engie's UK household energy business, after the French firm decided to leave the domestic market.

The deal, which will see Octopus supply Engie's 70,000 UK customers, is the business' sixth acquisition in two years.

Octopus, which currently has 1.4m customers — or five per cent of the UK market — will add the new customers to its ranks over the next couple of months.

The company remains consumer magazine Which's only recommended energy supplier, and has recently announced a 2020 price cut for its customers.

Engie entered the UK market in 2017 but has decided to withdraw in order to focus on leading the zero carbon journey for businesses and local authorities.

The firm's business energy customers and district energy supply operations are not impacted by this acquisition.

Greg Jackson, the company's chief executive, commented: "It is an honour to acquire Engie's UK home energy supply operation."

(c) 2020 City A.M., source Newspaper