As a customer of Bulb Energy, this directly affects me.
Due to the size of Bulb, the customers will not simply be transferred to another supplier straight away.
Instead, it will be placed into "Special Administration", which means that it is effectively nationalised, until the company can be sold, taken over or customers transferred to other suppliers.
Anyone else affected by this?
Due to the size of Bulb, the customers will not simply be transferred to another supplier straight away.
Instead, it will be placed into "Special Administration", which means that it is effectively nationalised, until the company can be sold, taken over or customers transferred to other suppliers.
Anyone else affected by this?
Energy firm Bulb set to go into administration
The energy firm, with 1.7 million customers, is the largest gas and electricity company to face difficulties.
www.bbc.co.uk
Energy firm Bulb set to go into administration
Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into administration.
It is the largest UK energy company to face difficulties following a sharp rise in wholesale gas prices this year.
Bulb will become the first energy company to be placed into "special administration", where it is run by the government through the regulator Ofgem.
This measure is only used if Ofgem is unable to find another company to take over an energy firm's customers.
Customers have been advised not to take any action and they will be contacted when any steps are needed.
"If you're a Bulb member, please don't worry as your energy supply is secure and all credit balances are protected," a company spokesperson said.
Bulb is the UK's seventh biggest energy company
The Special Administrator Regime (SAR) was set up for when an energy company goes bust but is too big to have its customers transferred to another firm.
The aim of the regime is to stop financial failure spreading across the industry.
A Bulb spokesperson said taking this route means the company "will continue to operate with no interruption of service or supply to members".