Bulb Energy 'could go under next week' affecting 1,700,000 customers - Metro.co.uk

Bors Johnson visited the company in July but things have taking a downturn for Bulb Energy since then (Picture: Getty)

Green supplier Bulb Energy could be the next victim of the energy price crisis. 

With 1.7 million UK customers on its books, a collapse would make it the biggest operator to go under this year.

The company is reportedly in talks with potential buyers but the regulator is believes it risks failing as soon as next week, Sky News reports.

Government ministers are said to be accelerating contingency plans to deal with the fallout.

Around two million households have seen their provider collapse since the summer after an unprecedented period for the sector.

A dramatic rise in the price of wholesale gas has put suppliers under huge pressure, despite a recent dip.

Around 1,000 jobs are at risk if a solution for Bulb can’t be found.

A Bulb spokesperson told the broadcaster on Friday said ‘discussions with multiple parties to secure additional funding continue to make good progress’.

More than a dozen energy suppliers have gone bust in recent months, leaving around two millions customers being moved onto new, often more expensive deals (Picture: PA)

The news comes as Ofgem signals big changes to the energy price cap could be on the way.

Ministers have refused to lift the limit on what companies can charge customers per unit of gas and electricity but changes could be on the way.

The regulator hasn’t provided details of what reforms it would consider but a consultation next month may recommend changes which could be introduced ahead of April’s review of the cap.

Industry figures have been calling for changes so bills can respond more quickly to shocks in the global wholesale market.

At the moment the regulator caps the energy bills of more than 14 million households at £1,277 per year on average.

Ofgem also said it plans to make changes to the supplier of last resort scheme, which steps in if a supplier fails.

It said it would speed up the process for companies taking on new customers left without a supplier in order to incentivise them to volunteer.

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2021-10-30 07:48:00Z
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