Bulb has become the biggest energy supplier to go under since August. Its collapse brings the crisis to a new climax
The crisis in the UK’s energy market has been growing in scale and seriousness for months. This week it claimed its latest corporate victim – and reached a tipping point. Bulb is the 23rd energy supplier to fail since August, but, unlike minnows such as Igloo and Neon Reef, it cannot easily be taken over by a rival. With turnover of £1.5bn, it is simply too big.
Bulb will instead enter “special administration” and be run on behalf of the government until it can be broken up or sold off. Meanwhile, its 1.7 million customers will remain with the company and get the same corporate branding on their bills, even while taxpayers stump up for any immediate costs. Any final losses will be passed on to households through their fuel bills.