UK aims to put latest energy firm casualty in administration

By PAN PYLAS
Associated Press

LONDON (AP) — Britain’s energy regulator is looking to appoint an administrator to oversee the latest business casualty in the country’s domestic energy market following the demand-led spike in gas prices. Ofgem said Wednesday that the 1.7 million customers of Bulb, the biggest company to fall victim to the big spike in gas prices this year, won’t see any changes as a result of the move. Wholesale gas prices have tripled this year largely because the global economic recovery from the coronavirus pandemics increased demand. If the application is successful, Bulb will be run as normal by administrator Teneo, until a potential buyer can be found, or until its customers leave.