A new report from the National Audit Office (NAO) reveals that there has been a substantial reduction in potential cost to taxpayers supporting the transfer of Bulb to Octopus Energy, with the expected net cost being nil.

However, risks remain and it is too early to conclude whether the Department for Energy Security and Net Zero will achieve all of its objectives, including the recovery of taxpayer funding.

The report sets out the facts of the special administration regime (SAR) and sale process and highlights that the decision to take Bulb into SAR and sell it is not assessed in the report.

According to Gareth Davies, the Head of the NAO, while the government has successfully protected Bulb’s customers and completed its sale, there are still risks to the recovery of taxpayer funding and it’s too early to say whether all remaining objectives for Bulb will be achieved, which could potentially result in costs for household energy customers.

The unexpected fall in wholesale energy prices has significantly reduced the expected cost to the taxpayer, but the risks must be managed carefully, Davies added.

An Octopus Energy spokesperson told ELN: “We’re delighted to have been able to step up and create a fair deal for the government, where taxpayers are likely to profit as a result.

“Our acquisition of Bulb has ultimately provided the best outcome for everyone. Not only did it end the government and taxpayer’s huge financial exposure, it has brought certainty to Bulb’s staff and customers, the majority of whom have already transferred to Octopus.”