Government steps in with millions of taxpayer cash to prop up Bulb Energy

Government steps in with millions of taxpayer cash to prop up Bulb Energy
Government steps in with millions of taxpayer cash to prop up Bulb Energy

Struggling energy supplier Bulb has been placed into special administration,it has today been announced.

The firm, which launched in 2015 and has amassed 1.7million customers, faced collapsing within days after crunch talks between the Government and the company's biggest secured creditor collapsed.

But now the Government will effectively nationalise the energy firm - the biggest company yet to falter amid a worldwide spike of wholesale gas prices - by bringing it into special administration.

It means taxpayer cash will be used to prop-up the firm until a new long-term solution can be found.

The company will continue to supply its customers in the meantime. 

Struggling energy supplier Bulb has been placed into special administration,it has today been announced

Struggling energy supplier Bulb has been placed into special administration,it has today been announced

It comes after the likes of Green Network Energy, People's Energy Company, Utility Point, and PFP Energy all closed earlier this year. The firms, along with Hub Energy and Simplicity, had a total of more than 1 million customers - around 700,000 less than Bulb's entire customer base

It comes after the likes of Green Network Energy, People's Energy Company, Utility Point, and PFP Energy all closed earlier this year. The firms, along with Hub Energy and Simplicity, had a total of more than 1 million customers - around 700,000 less than Bulb's entire customer base

It comes after the likes of Green Network Energy, People's Energy Company, Utility Point, and PFP Energy all closed earlier this year.

The firms, along with Hub Energy and Simplicity, had a total of more than 1 million customers - around 700,000 less than Bulb's entire customer base.  

It comes as a new survey revealed energy prices have replaced Covid as the main worry for almost half of British families, an exclusive new poll reveals today.

Some 49 per cent of voters polled say that the recent surge in gas and electricity bills is more of a concern that the pandemic, as the cold of winter approaches.

A third (33 per cent) surveyed by Redfield and Wilton Strategies for MailOnline admitted that they were keeping the heating turned off in cold weather in an attempt to lower their bills. 

Four-in-10 said they were turning the heating down, with the same amount saying they were wearing more clothes indoors instead.

And also a third (30 per cent) said they were cutting down on other spending as they keep an eye on their outgoings. 

It comes the day after it was claimed the average British family is more than £1,000-a-year worse off due to soaring inflation.

The Office for National Statistics (ONS) said the rate of Consumer Prices Index (CPI) inflation rose sharply from 3.1 per cent in September to 4.2 per cent last month, which is the highest level since December 2011.  

Some 49 per cent of voters polled say that the recent surge in gas and electricity bills is more of a concern that the pandemic, as the cold of winter approaches.

Some 49 per cent of voters polled say that the recent surge in gas and electricity bills is more of a concern that the pandemic, as the cold of winter approaches.

A third (33 per cent) surveyed by Redfield and Wilton Strategies for MailOnline admitted that they were keeping the heating turned off in cold weather in an attempt to lower their bills

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