Recommendation 7

The SAR will continue until Octopus has repaid the taxpayer funding and Bulb’s outstanding costs and liabilities have been settled. We asked the Department how it was managing the recovery of the temporary taxpayer funding provided to Octopus. The Department and HM Treasury told us that the deal constructed with Octopus would protect taxpayers’ money by preventing profits being moved out of the ringfenced Bulb to the wider Octopus Energy Group.8 The Department told us it was closely monitoring the cash balances and arrangements in place with Teneo and that the ringfenced entity will remain in SAR until taxpayer funding is fully recovered. The Department also told us that it was meeting regularly with Teneo, Octopus and Ofgem who provided updates to the Department on the financial resilience of the ringfenced entity.9 6 Qq 23, 29, 31; C&AG’s Report, paras 4–5, 3.17, Figure 8 7 Qq 92, 108; C&AG’s Report, paras 6, 13, 15, 1.10–12, 1.16 8 Qq 97, 105 9 Qq 107–108 Bulb Energy 11