Bulb Energy has gone bust and will be placed into a special administration process to manage the fallout of the biggest energy supply collapse on record.
The energy regulator drew up plans over the weekend to put the company into a special administration process designed to protect Bulb’s 1.7 million household customers, according to industry sources.
“We’ve decided to support Bulb being placed into special administration, which means it will continue to operate with no interruption of service or supply to members,” a statement from the company on Monday said.
“If you’re a Bulb member, please don’t worry as your energy supply is secure and all credit balances are protected,” it added.
The company’s collapse has been long expected by industry rivals, which described the company as the “walking dead” after it struggled to find new investment, or a willing buyer, before the UK’s looming winter energy crisis.
The record increase in energy bills has caused 21 suppliers to collapse since the start of September, leaving the regulator to find a new supplier to take on more than 2 million customers.
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The collapse of Bulb brings the total number of households affected by a failed energy supplier to more than 3.7m.
Because of the size of Bulb Energy the regulator will use a special administration process to keep the company running as normal while a complex plan for its future is mapped out.
The regulator, Ofgem, was not available for comment.
Read More:Bulb Energy, which supplies 1.7m customers, collapses into administration | Energy industry
2021-11-22 12:51:31
