Bulb Energy on brink of collapse as supplier enters administration

The firm said it will continue to supply its customers as normal despite the announcement on Monday.

Bulb Energy on brink of collapse as supplier enters administration iStock

Bulb Energy, which has 1.7 million customers, has announced that the firm will be put into special administration.

The company’s exit from the market comes following the collapse of more than 20 suppliers since the start of the year amid the soaring price of gas.

Bulb said it would be placed into special administration – a process designed to protect customers when a large energy supplier can no longer trade.

Bulb’s parent company, Simple Energy, will also enter administration. However Bulb’s international businesses in France, Spain and the US will continue trading.

A spokesperson said on Twitter: “We’ve made the difficult decision to support Bulb being placed into special administration.

“We want to reassure you there will be no change to your energy supply.

“We will continue to operate business as usual. You do not need to take any action. Your credit balances will be protected and our tariffs are not changing. If you are on a prepay meter, top-ups will continue to work as normal.

“We’re expecting a high volume of calls. Please only call if it’s an emergency, you’re in a vulnerable situation or you’re struggling to pay your bills.

“Thanks to all our members and to our team who continue to work so hard. If you’d like to read more about the recent news, we’ve written a bit more about it on our blog.”