25th UK energy firm this year to go amid killer gas prices
Bulb Energy, which serves some 1.7 million customers across the UK, has announced it is being put into administration after struggling to stay in business following a steep increase in gas prices.
In a press release on Monday, Bulb Energy said it would enter “special administration” where it will continue to operate through the regulator Ofgem.
The firm is the largest energy company to go bust this year and serves some 1.7 million customers. Some 24 providers have left the UK energy sector so far in 2021, according to Ofgem's listings.
“Special administration is designed to allow Bulb to continue to operate as usual so you don’t need to take any action. Your tariffs are not changing, and the price cap applies to all consumer energy tariffs,” the company said.
The firm also advised that if customers are switching to or from Bulb, their move will continue.
Bulb will become the first energy company in the UK to be placed into “special administration.” The process is used by the regulator when it can’t find another company to take on existing customers from the firm which is going bust, in an effort to limit financial failure spreading across the industry while allowing customer supply to continue.
The state can also make grants or loans to a firm while it is under a Special Administrator Regime.
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