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Energy UK responds to Bulb entering special administration

Responding to news that Bulb is to enter special administration, Energy UK’s Chief Executive, Emma Pinchbeck said:

“The news underlines the huge difficulties facing energy retailers at present. Record wholesale prices mean that suppliers are losing millions of pounds serving their customers right now and so, as well as Bulb planning to enter special administration, we cannot rule out well run, financially responsible companies exiting the market – in addition to those that have already left. 

“The first use of the Special Administration Regime also shows that, in the current circumstances, suppliers are in no position to take on large numbers of new customers.   

“The immediate priority is to ensure that there is enough support for customers over the winter and the following months with bills likely to rise further next year and costs resulting from a large number of suppliers exiting the market.

“Once through this period, the Government and Ofgem need to work with our industry to enable a sustainable retail market in future – one where suppliers are not just able to stay in business but can invest and innovate in order to support their customers through the changes Net Zero will involve.”