Renewable energy supplier Octopus is rumoured to be looking into a takeover of Bulb.

Just a week ago, Bulb was reportedly seeking a bailout to stay afloat while rising wholesale gas prices led other suppliers to go bust in recent weeks.

Bulb is considered the UK’s sixth-largest energy company serving an estimated 1.7 million customers.

Yesterday, Ofgem appointed Octopus Energy to take on the 580,000 customers of failed supplier Avro Energy.

A Bulb spokesperson said: “From time to time we explore various opportunities to fund our business plans and further our mission to lower bills and lower carbon dioxide. Like everyone in the industry, we’re monitoring wholesale prices and their impact on our business.”

Octopus declined to comment.