Utility supplier gone bust.

[JtB]

You had Radio Two on as well?

I first heard about it here - who needs a radio or TV when you have Cyclechat?

 

[Ming the Merciless]

Saw this on the BBC this morning - I'm with them at the moment so immediately noted the gas & electric meter readings and submitted them through the Bulb website and took back-up photos as well. I've got about £50 credit with them as it stands.

I have reduced my direct debit to minimum. I also have a credit balance.

 

[midlife]

Just wondering, if Bulb is run by OFGEM does that mean the taxpayer is subsidising bulb customers as gas is being sold at less than cost?

 

[welsh dragon]

I'm with bulb as Well. I'm in credit to the tune of about £190.

I took a ketwe reading last week so I am up to date.

Maybe I should reduce payments as well

 

[MichaelW2]

Just wondering, if Bulb is run by OFGEM does that mean the taxpayer is subsidising bulb customers as gas is being sold at less than cost?

Yes

 

[Buck]

Advice is to not reduce your DD.

As they have applied for SAR then the government will take control and also guarantee any credit balances etc.

PS I am also with Bulb!

 

[Accy cyclist]

I now seem to be on £44 (or is it £46?)🤔 a month estimated usage with Scottish Power. They were/are supposed to be fitting a smart meter in my flat, since I signed up with them in July. They haven't fitted it yet, but i'm not going to lose any sleep over it.

 

[PaulSB]

Just wondering, if Bulb is run by OFGEM does that mean the taxpayer is subsidising bulb customers as gas is being sold at less than cost?

Yes. Seems to me we should either have energy subsidies for all users or scrap the price cap.

Allowing some consumers to pay less than the going rate is ridiculous.

 

[Lozz360]

Yes. Seems to me we should either have energy subsidies for all users or scrap the price cap.

Allowing some consumers to pay less than the going rate is ridiculous.

If we scrap the price cap then energy prices will rise even more.

It is true that Bulb’s administrators will have access to public funds to allow Bulb to continue trading, but it can’t be true that Bulb’s customers are being subsidised by the tax payer. Whether your energy is provided by Bulb or not then you are subject to the price cap. No-one has said that Bulb customers will be getting discounted energy due to the tax-payers money that will be available to the company have they?

 

[DCLane]

I've been (finally) paid back the significant over-payment from ex-Igloo which arrived as a cheque last week.

Bulb going into administration was one that had a lot of prior publicity, which won't have helped them.

 

[oldfatfool]

Imo bulb have been a victim of the press. The tabloids started reporting they were going bust about 2 months ago as soon as bulb started to look for new loans. As bulb were reported to be one of the few suppliers who buy most of their energy on long future contracts it is safe to assume that they use customers credit to do so. So as soon as the tabloids stoked fear and people started to switch suppliers and/ or demand credit balances be returned then it was only a matter of time before they ran out of cash. Very much a victim of media scaremongering and not unlike the recent 'petrol shortage' or a run on a bank for that matter ( maybe that will be the next target for the daily fail or shexpress )

 

[midlife]

If we scrap the price cap then energy prices will rise even more.

It is true that Bulb’s administrators will have access to public funds to allow Bulb to continue trading, but it can’t be true that Bulb’s customers are being subsidised by the tax payer. Whether your energy is provided by Bulb or not then you are subject to the price cap. No-one has said that Bulb customers will be getting discounted energy due to the tax-payers money that will be available to the company have they?

I read somewhere that the treasury could stump up to £2 billion this winter with the government getting it back from gas bills in the future. I’ll check where I read it.

 

[PaulSB]

If we scrap the price cap then energy prices will rise even more.

It is true that Bulb’s administrators will have access to public funds to allow Bulb to continue trading, but it can’t be true that Bulb’s customers are being subsidised by the tax payer. Whether your energy is provided by Bulb or not then you are subject to the price cap. No-one has said that Bulb customers will be getting discounted energy due to the tax-payers money that will be available to the company have they?

"Customers of Bulb do not need to worry - Bulb will continue to operate as normal," Ofgem said.

Customers will see no disruption to their supply and their account and tariff will continue as normal. Bulb staff will still be available to answer calls and queries."

When People's Energy went bust I was moved to British Gas and put on a new "People's Energy" tariff at an additional £55/month or £660pa. If Bulb customers tariff is as "normal" and the company is receiving public funds who is paying for it? The tax payer is where public funds come from. If customers of other bust companies suddenly find their costs increase by 70% I can only imagine Bulb customers are being protected from this through remaining on their "normal" tariff.

I think, but I'm not sure, the Price Cap only applies to variable tariffs and not fixed tariffs.

I don't want to pay more but understand why and accept this. Overall I feel energy supply is too important to be left in private hands. We've tried it and it hasn't worked as demonstrated by 22 companies failing in a matter of months.

 

[midlife]

I think it was in the Guardian I read about using public funds. Even the capped price is below cost...
https://www.theguardian.com/busines...s-17m-customers-collapses-into-administration

 

[I like Skol]

"Customers of Bulb do not need to worry - Bulb will continue to operate as normal," Ofgem said.

Customers will see no disruption to their supply and their account and tariff will continue as normal. Bulb staff will still be available to answer calls and queries."

When People's Energy went bust I was moved to British Gas and put on a new "People's Energy" tariff at an additional £55/month or £660pa. If Bulb customers tariff is as "normal" and the company is receiving public funds who is paying for it? The tax payer is where public funds come from. If customers of other bust companies suddenly find their costs increase by 70% I can only imagine Bulb customers are being protected from this through remaining on their "normal" tariff.

I think, but I'm not sure, the Price Cap only applies to variable tariffs and not fixed tariffs.

I don't want to pay more but understand why and accept this. Overall I feel energy supply is too important to be left in private hands. We've tried it and it hasn't worked as demonstrated by 22 companies failing in a matter of months.

THIS^^^ is what I was thinking. My Utility Point fixed rate was far better than the new provider (which is presumably now supplying me at the current capped rate until that cap ends/gets reviewed). I'll be a bit ticked off if the government now steps in and keeps some victims on their cushy fixed rates while leaving the rest of us blowing in the wind! Either all failed companies get govt aided or they all get passed onto alternative suppliers under emergency measures.