Bulb in administration: What does it mean for you?
- Credit: PA
Britain's seventh biggest energy supplier has gone into administration.
Bulb provides gas and electricity to 1.7 million households but has gone into administration after being squeezed out of the market.
The company said today, November 22: "If you’re a Bulb member, please don’t worry, as your energy supply is secure and all credit balances are protected.”
Customers of Bulb need to know:
- You do not need to take action, Bulb will operate as usual
- Bulb will contact you if you need to do anything
- You will still have gas and electricity
- You will be moved to another supplier
- All credit balances will be protected and prices will remain the same, top-ups will also continue as normal
- Only call if it’s an emergency, you’re in a vulnerable situation or you're struggling to pay your bills
Ofgem will be appointing a special administrator to protect customers, they will move their 1.7 million households to other suppliers.
Bulb is the largest of more than 20 energy suppliers that have gone into administration since September 2021 as gas prices rose.
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The collapse of smaller companies creates a domino effect, putting too much pressure on an otherwise stable supplier.
The special administrator will continue to run the company until it can be sold off, the customers join another supplier, or it can be restructured.