Energy Firm Bulb To Go Into Administration Amid Soaring Gas Prices
Bulb Energy has become the latest energy firm to announce that it will go into administration amid a sharp rise in wholesale gas prices.
Bulb is the largest UK energy company to face difficulties this year. It will become the first energy company to be placed into “special administration” where it is run by the UK government through the regulator Ofgem.
"Customers of Bulb do not need to worry - Bulb will continue to operate as normal," Ofgem said. "Customers will see no disruption to their supply and their account and tariff will continue as normal. Bulb staff will still be available to answer calls and queries."
A firm will only be placed under special administration if Ofgem is unable to find another company to take over an energy firm’s customers, often because the firm is too large to have its customers successfully transferred to another company. Ofgem said it plans to apply to a court to appoint an administrator who will be able to take over the running of Bulb.
Bulb Energy is the seventh-largest energy firm in the UK, with over 1.7 million customers and 1,000 employees.