Origin Energy enters partnership with UK renewables retailer Octopus Energy
Origin Energy Ltd will acquire a 20% stake in the UK energy retailer, Octopus Energy Ltd., and a license in Australia to its market-leading customer platform, Kraken.
Over the next 24 to 30 months, Origin will transfer its 3.8 million retail electricity and gas customer accounts to the Kraken platform, delivering a step-change reduction in operating and capital costs, with expected pre-tax cash savings of up to AUD$80 million (US$51 million) in FY2022 increasing to about AUD150 million (US$96 million) annually from FY2024.
The transaction is funded with staged consideration of AUD134 million (US$86 million) paid upfront and AUD373 million (US$239 million) spread over four financial years, comprising equity installments and progress payments related to the rollout of Kraken across Origin’s retail operations.
Country updates
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