Bulb Energy has over 1.7 million customers and announced today that it will go into administration.
After a steep rise in wholesale gasoline prices, it is now the UK’s largest energy company facing difficulties.
Bulb is the first company in the energy sector to be put into special administration. This means that it will run under the control of the regulator Ofgem.
Ofgem explained that Bulb’s customers do not have to be concerned – Bulb will still operate as usual.
Customers will not experience any disruption in their supply, and their account as well as their tariff will remain the same. Bulb staff will continue to be available for queries and calls.”
This special administrative measure can only be used when Ofgem cannot find another company that will take over the customers of an energy firm. It stated that it planned to petition a court to name an administrator to manage the company.
Bulb claimed that all energy supply were secure and that credit is protected.
Bulb employs over 1,000 people and is the UK’s seventh largest energy company. The company has struggled to raise its funds for several weeks.
Ofgem established the Special Administrator Regime (SAR) to help energy companies that go bankrupt but are too large to transfer their customers…