Downing Street statement on Bulb collapse
Downing Street sought to allay consumers’ concerns about Britain’s seventh biggest energy supplier entering special administration.
The Prime Minister’s official spokesman said: “The special administration regime, which Bulb will fall under, is a long-standing, well-established mechanism to protect energy consumers and ensure continued energy supply when a supplier fails.
“So Bulb customers do not need to do anything, there will be no disruption to their supply, or to current energy prices, credit balances are protected as well.
“Our priority remains protecting consumers and that’s why the energy price cap will remain in place.
“Bulb is around three times larger than the largest company that has become insolvent in recent weeks that’s why we’re taking the special administration regime approach, we will seek to appoint the administrators who will effectively run it and provide energy through that system but at this stage it’s too early to say what the future of that provider is going forward.”
