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Energy provider Bulb entered special administration

DavidG

Rookie Investor
Apr 3, 2021
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Energy provider Bulb has entered special administration, affecting 1.5 million households.​

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Bulb's official press release: https://bulb.co.uk/blog/bulb-special-administration

It seems many energy providers cannot keep up with costs and many going into admin. Normally with smaller providers its relatively easy to move customer from one energy provider to another as the amount of people are relatively small. On the other hand we have situations like this, where Bulb has around 1.5million customers. This means moving such amount of people isn't so easy, this is where special administration comes in.

Due to so many customers the UK Gov has offered £1.7bn to support the households affected till the customers can be moved. This sum of money will be used to keep the gas and electricity running through till April.


Currently Bulb will continue to run until the administrator decides what to do
What customers should do if they collapse(BBC Link)
  • Take a meter reading (photograph of the outside unit, not how much you've used this week)
  • Get a copy of your most recent bill showing your balance. You might not be able to log in to your account (I couldn't today)
  • Sit tight. Do not attempt to start a transfer to another provider. This will be done automatically over the coming months.
    • In any case, the government tariff cap is the cheapest currently available, so you won't find a better deal elsewhere
  • Do not cancel your direct debits
Notes
  • If you already have a transfer in progress, don't cancel it. Depending on how far through you are, it will probably complete.
  • Your energy will not be disconnected at any point.
  • Any credit (or debt) in your account balance will be transferred to your new provider