We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Bulb has turned to financial advisory firm Lazard to help secure new sources of funding. A new cash injection from investors is one of the options being considered by the brand, which is believed to be talking with other suppliers about a possible joint venture or merger.
A representative for Bulb said: “From time to time we explore various opportunities to fund our business plans and further our mission to lower bills and lower CO2.
“Like everyone in the industry, we’re monitoring wholesale prices and their impact on our business.”
A number of energy suppliers have gone bust in recent weeks because of surging gas prices caused by a shortage of gas globally and low wind power.
Utility Point and People’s Energy went bust last week, leaving 500,000 customers needing a new provider.
Meanwhile PfP Energy and Moneyplus Energy both confirmed they were also ceasing to trade the week before, leaving another 100,000 customers seeking another supplier.
Peter McGirr, the chief executive of small energy firm Green, which supplies 360,000 people in the UK, said the outlook for winter was “looking bleak”.
He said: “I feel that without any support mechanism being put in place by Government, it’s unlikely we will see the winter through.
“It is not that I have a bad business model or I have a bad business.
“We just don’t have as deep pockets to keep going through this crisis. I think that all suppliers are feeling the pinch of this but some of them just have a lot deeper pockets to try and ride out the storm.”
Wholesale gas prices are up by 250 percent since January with a 70 percent rise since August, according to industry group Oil & Gas UK.
What is happening where you live? Find out by adding your postcode or visit InYourArea
Source: Read Full Article