Energy firm Octopus Energy is on track to buy collapsed rival Bulb which is being run by administrators after being bailed out by taxpayers.
However, many of these companies had little or no shock-absorbing financial reserves. That was ok as long as they could pass on any rises in wholesale costs to their customers. Ofgem had a system whereby the customers of these small, failed companies were absorbed by the larger, surviving companies. The additional cost incurred by those companies as they had to buy more energy at high prices for new customers, was passed on to all consumer bills over time.
To transfer Bulb back into private ownership, the government has to set aside money to protect the would-be buyer from taking on risks that might ruin the company acquiring it.
I hope the buggers who set up BULB are penniless. 🤔. They won’t be
So much for conservative free market economics. What a joke.
The tories and all the so called protection groups they set up (Offcom, Offgen , Ofwat etc) are simply not fit for purpose, not one has managed to protect the consumer . Once this gov is gone, I would like to see all the so called experts who ran the above in the dock.
Add in all the other failed companies and a regulator that its looking after companies and not customers
Shouldn’t cost me anything I wasn’t ever a customer😡
It should have been allowed to fail
I would then like them to explain why they cannot contribute some of there money to the benefit of the country/ countries they inhabit. Which in my mind, would bring down the economy level. Why has this not been thought of ?
Why? Didn’t gov already bailout without telling us? We have to pay twice?
Failed regulator.
Cancel the BBC TV licence and save yourself £159. You don't need one.
I would like the BBC , to consider, having as many affluent people possible for interview. To ask them, why they need do much money, instead of just needing the basics in life ( if they need to reference anyone, look at Maslows Pyramid of needs ).
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Bulb sale to Octopus faces further delay as rivals mount challenge\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t
Source: ftenergy - 🏆 47. / 63 Read more »
Bulb sale to Octopus faces further delay as rivals mount challenge\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t
Source: FT - 🏆 113. / 51 Read more »
Centrica proposed rival rescue of energy supplier Bulb\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t Funny to read 'cheaper' in their marketing. They clearly weren't assessing risks right, now if rescued everybody will pay their error. Sack 'em all
Source: ftenergy - 🏆 47. / 63 Read more »