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Bulb takeover saga sheds light on ‘disgraceful’ lack of transparency

Let’s hope E.ON, Centrica and Scottish Power’s judicial reviews succeed in forcing some openness

Selling a nationalised energy supplier, even one with 1.5 muillion customers, ought to be a simple process. First, you invite bids. Second, you assess the proposals, weighing them against criteria such as deliverability, value for money for taxpayers and likelihood of increasing competition. Third – and this is the critical bit – you explain your decision.

With Bulb, even as a court on Wednesday approved the transfer to Octopus Energy, we’re still none the wiser about the main financial points. Octopus is said to be paying £100m to £200m but no minister has confirmed the figure. Nor do we know why Octopus was chosen, or the size of the financial assistance being advanced from public coffers to enable the buyer to complete the deal.

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from The Guardian https://ift.tt/fUysmF3
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