Octopus Energy takes over 20,000 individual customers from Elmy and is approaching 800,000 in France, with a target of one million and a heat pump factory project.
Octopus Energy moves to a new stage of its development in France since the UK supplier indeed announced on September 11, 2026 the acquisition of the portfolio of 20,000 Elmy individual customers. The migration of contracts must take place in October and constitutes the first portfolio buyout carried out by Octopus Energy on the French market.
The operation allows the supplier to get closer to 800,000 customers in France. Octopus Energy now has the ambition to reach one million customers in the coming years. No financial amount has been communicated for this acquisition.
20,000 contracts transferred in October
For the individuals concerned, the change must be made without interruption of supply. Octopus indicates that the electricity supplied will remain 100% from renewable sources and that the pricing conditions of the contracts concerned will be guaranteed until October 31, 2028.
This operation takes place in a French market where market offers continue to progress. According to the Energy Regulatory Commission (CRE), 303,000 additional sites had switched to market offer between the end of September and the end of December 2025. At the end of this period, the regulated sales tariff still represented 55.8% of residential sites, while alternative suppliers held 31.8% of the market.
THE development of Octopus in France does not, however, rely solely on customer acquisition. The group combines its commercial growth with a broader strategy around the electrification of uses. The company is therefore committed to invest up to 150 million euros in a French factory intended to produce heat pumps from its Cozy range. The project is part of theobjective stated by Octopus to contribute to the installation of one million heat pumps per year in France by 2030. The group specifies, however, that this investment remains conditional on the materialization of installation volumes – hasno precise timetable for commissioning the plant has yet been communicated.
For the building sector, this orientation is far from trivial because it reflects the desire of certain electricity suppliers to position themselves directly on equipment which will increase the electricity consumption of buildingsat the forefront of which are heating systems.
Elmy also changes model
The movement is also interesting Elmy’s side. THE supplier specializing in renewable electricity retains its activities in renewable energies, but is increasingly developing businesses located upstream of the retail market: aggregation, production valorization and electrical flexibility. At the end of March 2026, Elmy indicated that it managed nearly 300 MW of flexible renewable assets in the various electricity flexibility markets. The company had initially set a target of 100 MW by the end of 2025.
Flexibility is becoming a growing issue as variable renewable generation takes up more space in the electricity system. © Magnific
A battle that now goes beyond the supply of electricity
This operation thus illustrates a more significant transformation of the energy market. Competition is no longer based solely on the price per kilowatt hour or on the origin of electricity. It now extends to flexibility, electrical equipment and supporting consumers in the transformation of their uses.
For Octopus, the portfolio of 20,000 customers recovered from Elmy therefore constitutes a relatively limited operation in terms of volume compared to its objective of one million customers. But it marks a first: until now, the supplier has notably developed its French presence through commercial conquest; he is now carrying out his first portfolio buyout.
The group will still have to demonstrate its ability to convert this commercial growth into an integrated model aroundelectrification of buildings. Its industrial project in heat pumps constitutes, as such, a much more structuring indicator than just the number of additional contracts.
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