British company Bulb declared insolvent after rising energy prices

Bulb Energy, a British energy supplier with more than 1.7 million customers in the UK, is “insolvent” and must be placed under a “special administration” regime, the company announced on Monday, one more victim of the increase in energy prices. Energy.

Bulb has to be governed under “special administration”, which means that “it will continue to operate without interruption of service or supply for its customers,” the company said in a statement, ensuring that the invoiced rate would not change.

More than twenty small suppliers have gone bankrupt in the UK since August, out of the fifty companies on the market. This has forced the energy regulator Ofgem to distribute to its clients among the other suppliers.

But Bulb It is the most important of them all: the seventh energy supplier in the country, has 5.5% of the electricity market and about 5% of gas, according to Ofgem data.

Bulb He specified on his website that he was suffering the consequences of “the energy crisis that is worsening in the United Kingdom and in the world”, and of “the prices of the wholesale market that have skyrocketed.”

The company also offers its services in France and Spain, and in Texas (United States), but through “separate companies”, which are not “directly affected” by the situation in the United Kingdom, he added.

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