Bulb Energy could go bust next week

Energy company Bulb “could go under next week” amid the energy price crisis.

According to reports, energy company Bulb “could go under next week” amid the energy price crisis, affecting 1,700,000 customers.

If the green supplier does go bust, this would be the biggest energy operator to go under this year.

The company is apparently talking to potential new buyers, however, Sky News reports that the supplier is at risk of collapsing as early as next week.

Government ministers are said to be speeding up contingency plans to deal with the crisis.

Approximately two million households have had their energy supplier collapse since the summer after the price of wholesale gas increased dramatically. Suppliers are now under immense pressure.

As for Bulb’s employees, if the company goes under this will mean around 1,000 jobs are at risk.

A Bulb spokesperson said yesterday, October 29: “discussions with multiple parties to secure additional funding continue to make good progress.”

The news comes as Ofgem hints at big changes to the energy price cap.

Ministers have said they will not lift the limit on what suppliers can charge their customers per unit of gas and electricity, however, there could be changes on the way.

Ofgem hasn’t released any details about what reforms it would consider, however, next month’s consultation could see recommendations on changes ahead of the review of the cap in April 2022.

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

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