Bulb customers protected as energy provider enters special administration
Energy provider Bulb to operate under a Special Administration Regime (SAR), protecting consumers and ensuring continued energy supply.
Energy provider Bulb has today entered energy supply company administration, with the business continuing to supply energy to its customers and operate as normal under a Special Administration Regime (SAR).
A SAR is a long standing, well-established process available to protect consumers and ensure continued energy supply when a large provider fails.
The move follows Bulb announcing its insolvency on Monday 22 November with the company continuing to supply energy to its customers.
Bulb customers will not experience any change or disruption to their energy supplies as the appointment of energy administrators will see Bulb continue trading and fulfilling the terms of its supply licence.바카라 사이트¯
Bulb customers, including those with prepayment meters, do not need to do anything and customers바카라 사이트™ existing credit balances are protected.
Customers바카라 사이트¯will not see any immediate바카라 사이트¯increase바카라 사이트¯to their energy bills while the company is under the바카라 사이트¯administrators, and바카라 사이트¯do not need to바카라 사이트¯look for a new바카라 사이트¯energy supplier,바카라 사이트¯although they are free to do so if they wish.바카라 사이트¯
Energy supplies across the country remain secure and the 바카라 사이트 will work closely with Ofgem and the Energy Administrators to ensure the exit from the SAR achieves the best outcome practicable for Bulb customers, taxpayers, and the industry.
Energy Minister Greg Hands said:
Our overriding priority is to protect consumers and the appointment of administrators will ensure the supply of energy remains normal to Bulb customers across the country, providing vital reassurance while an enduring solution is agreed.
The administrators will now take temporary charge of operating Bulb, and that includes ensuring if a new owner cannot be found customers are safely moved to another supplier.바카라 사이트¯
The current increase in wholesale energy prices is driven by a number of factors including the recovery of global energy demand since it fell sharply at the beginning of the pandemic. Recent volatile global gas prices have emphasised the need to ensure greater energy independence to protect households in the long-term through clean power generated in the country.바카라 사이트¯바카라 사이트¯
SARs are used to protect essential services that may otherwise be interrupted if normal insolvency processes were followed.바카라 사이트¯The procedure can be used for other critical services such as바카라 사이트¯water, sewerage, rail바카라 사이트¯transport,바카라 사이트¯air traffic control,바카라 사이트¯education, postal and investment services 바카라 사이트“ with the intention for companies to be under a SAR for a short period of time.
The 바카라 사이트 will provide the바카라 사이트¯funding necessary바카라 사이트¯to바카라 사이트¯ensure that the바카라 사이트¯administration바카라 사이트¯is managed in a way that protects바카라 사이트¯customers바카라 사이트™ supply.바카라 사이트¯바카라 사이트¯The 바카라 사이트 can recoup these costs바카라 사이트¯at a later date, ensuring that we get the best outcome for Bulb바카라 사이트™s customers and the British taxpayer.
The Energy Price Cap remains in place and will continue at the same level this winter to바카라 사이트¯ensure바카라 사이트¯millions of customers바카라 사이트¯pay a fair price for their energy.
Further support for vulnerable and low-income households, including those with children, is available through initiatives such as the Warm Home Discount, Winter Fuel Payments and Cold Weather Payments, as well as the recently announced Household Support Fund.바카라 사이트¯
Ofgem has published a outlining the reasons for seeking to place Bulb in a Special Administration Regime, with the Business Secretary바카라 사이트™s response available here.
Further information regarding the SAR is available from 바카라 사이트.