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1.7M Britons At Risk As Major UK Energy Provider On Verge Of Collapse

by Steven Brown
November 01, 2021, 12:07 PM
in News and Opinion
Reading Time: 3 mins read
A A
1

bulb energy billIt is believed the Government is accelerating plans for the collapse of the country’s seventh-biggest energy supplier, which has an estimated 1.7 million household customers.

Ministers and officials, as well as Ofgem, have warned the company could collapse as early as next week.

According to Sky News, industry sources said talks with a small number of potential buyers were ongoing.

But they revealed others had pulled out in recent days.

The sources warned Bulb is unlikely to survive through November without new funding options.

It is believed Ovo Energy, Octopus Energy, and Shell Energy Retail have all had access to Bulb’s financial data in recent weeks.

One executive said Bulb had liabilities of approximately £1billion, making any solvent takeover hard to envisage.

A Bulb spokesperson said on Friday: “Our discussions with multiple parties to secure additional funding continue to make good progress and we’re encouraged by the drop in wholesale energy prices.

“We expect the government to monitor wholesale prices and their effect on the whole industry, but ministers and Ofgem have been clear we must emerge from the energy crisis with a competitive and innovative market, rather than a return to the oligopoly of the past.”

If the company does collapse, around 1,000 people would be out of work.

Bulb – which was launched in 2015 by Amit Gudka and Hayden Wood – has accumulated around a six percent share of the market.

It supplies 100 percent renewable electricity and 100 percent carbon-neutral gas.

Sky News reported Bulb’s rescue efforts would pave the way for the inaugural use of a resolution process called the Special Administration Regime (SAR).

This would guarantee funding for Bulb from the Treasury while administrators seek a restructuring deal.

If the search for a buyer is unsuccessful, the Department for Business, Energy and Industrial Strategy, as well as Ofgem, would consider whether Bulb can be dealt with through the watchdog’s Supplier of Last Resort (SOLR) process.

However, Bulb is seen to be too large for a single supplier to be taken on through the SOLR system.

A Government spokesman said on Friday: “Ofgem – as the expert regulator – is monitoring the situation across the energy market for the continued impacts on high worldwide wholesale gas prices.

“We have put in place the powers and robust processes to ensure customers do not experience any disruption to their energy supply and that costs are minimized if a supplier should exit the market.”

The regulator added: “There has been an unprecedented increase in global gas prices which is putting financial pressure on suppliers.

“We know this is a worrying time for many people and our number one priority is protecting customers.

“In the event a supplier fails, Ofgem and government have robust processes in place to ensure customers’ electricity and gas supply continue and domestic customers’ credit balances are protected.”

This comes after three firms including Igloo Energy, Symbio Energy, and Enstroga all went bust in September.

Last month, Bulb came under fire from its customers for monthly bill rises of up to 80 percent.

In August, the company announced its gas and electricity prices would be going up on October 1 to line up with the regulator’s price cap, which rose by 12 percent.

Bulb said its customers would be paying £2.90 a week more.

However, many customers found their energy bills rising by nearly 80 percent.

Read more at Daily Express

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  1. Graham McDonald says:
    4 years ago

    Great timing – in the middle of COP 26!

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