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LONDON (Reuters) – German power utility Uniper said on Friday it recently signed an agreement to supply power and natural gas to Octopus Energy as the British firm pushes to expand its presence in European markets including Germany, Italy, and Spain.
The agreement will allow Octopus to procure a wide range of gas and power products from Uniper, it said in a statement.
Uniper and Octopus are also considering including products that support both companies’ renewable energy initiatives, such as power purchase agreements, the statement added, without giving further details on the length or value of the deal.
In 2020, Octopus Energy said it was aiming to reach a mass clientele in Germany, Europe’s biggest power market, and committed to fuel its rapid expansion with an initial investment of 80 million euros ($90 million) in the market.
In Britain, Octopus has become the largest energy supplier by market share.
(Reporting by Marwa Rashad; Editing by Joe Bavier)
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