Energy in the media

Hello :wave:

As you might have seen, there’s been a lot of press recently about volatile wholesale energy costs and their impact on energy companies. So we’ve shared an update on our blog.

We buy our energy in advance and this means we’re protected from the current wholesale costs that some smaller companies have struggled to manage.

More on the blog: Energy in the news | Blog | Bulb

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Hi thanks for the update.
Can you tell me why my request for a refund will not process this morning?

Hi,
With all the chatter online and in the news as well as other sources, is Bulb going bankrupt?
Even if you say you are not and you do, what will happen to all the money people like myself and others who have credit with you?
The energy crisis is real and since you’re a reseller and not an energy producer (as far as I know) then you are going to be hit the hardest from the sudden price rices.

Do you have any comment on the matter of how secure your company is?
regards

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You don’t seriously expect any company to tell you if they’re in financial trouble do you?

For energy companies, Ofgem have a safety net, search for “what happens if my energy provider goes out of business” - sorry, not allowed to post links.

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Who know what might happen in the future?

4 suppliers have gone under this month (first PfP Energy and MoneyPlus Energy, then UtilityPoint and People’s Energy). OFGEM moved customers of the first two to British Gas, and EDF for the third - an announcement for the last will probably appear in the next day or two (People’s Energy were larger than the other three).

The key point to note is that any credit balances those customers had with their defunct supplier gets transferred across to the new OFGEM appointed replacement supplier, and they’ll be set up with new accounts and tariffs.

Once the process is complete, customers are free to switch if they’re not satisfied with OFGEM’s choice.

As for Bulb, although I believe you’re right that they don’t generate their own power, they’re probably less at risk than some similar companies as they [Bulb] don’t offer fixed rate tariffs, so if wholesale prices continue to rise, they can pass those rises on when necessary (as long as they’re within OFGEM’s price cap).

EDIT: BTW, I was with PfP, and am being moved to British Gas. Last year, I had just moved to Yorkshire Energy, and they collapsed, and I got moved to Scottish Power. It’s not actually long since I moved off SP to PfP earlier this year! I’ve not lost any money as a consequence, but do find it rather a faff having to keep reviewing my energy supply arrangements!

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My guess is that Bulb are in the “too big to fail” category.

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Back in 2005 to 2010 the banks like Goldman Sachs J.P .Morgan set up the inter continental emissions exchange (I.C.E ) . This was set up along with the E.U. commission to turn carbon emissions use into a commodity in order to profit from the burning of fossil fuels . It allows the use of burning fossil fuel in Europe as a carbon emissions credit . This allowance is subject to the scale of burning 1 ton of gas subject to a emission credit . The banks and speculators have allowed the emission to become a commodity stock exchange to buy and sell through the legislation of the European commission . Essentially they are profiting from the carbon emissions exchange which they set up and operate via the E.U.commission . This is why prices have suddenly gone up because of this extra carbon emissions tax . It’s just been introduced via the E.U carbon neutral policy . It’s a way to push the Europe away from burning coal to burning more gas . The real reason for the jump in price is the environment impact of burning coal over gas and to reduce the use of burning coal . It’s a complete sham that the banks and finance speculators have commodities carbon emissions in orders to profit and introduce unfair market forces to reduce carbon emissions . It will impoverish millions of low paid people in Europe and the UK especially . But the banks do not care . What will happen to BULB depend on the price of gas . Will the banks get aggressive and ask for payments or will BULB make a profit . Only those at top management know what will happen at BULB energy . I only hope that the management act with honesty and with ethical standards and appreciate the customers who standby BULB as an energy supplier . Good luck .:+1:

Nothing is too big these days, look back at Northern Rock (Orderly) and Lehman Bros (Disorderly)

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You are guaranteed to have your credit balance protected by law. Don’t jump ship, Bulb are a decent company to be a customer of. I sincerely hope they don’t go bust. A company with one fair tariff is far better (along with green policies) is far better than the big boys (especially British Gas): Google “what happens if my energy supplier goes bust and I am in credit”? In short - you are protected by law.

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Bulb is seeking a bailout. It was announced tonight. Frankly I think it will be a miracle if bulb survives the week- who would invest in an energy company given the current soaring wholesale prices of gas and electricity? I hope I’m proved wrong but in the meantime have requested a credit refund- I know it’s protected in law, but I don’t need the hassle of chasing it when whichever new supplier we are all switched to messes it up…

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Read the BBC News web page (Sunday Evening)

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Yes - www bbc co uk /news/business-58619418
Looks like they may die a death.

I understand Bulb has asked the government for a bailout. Do I need to look elsewhere for my energy supplies?

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The info from Citizens Advice is to sit tight and stay put for now. Should Bulb go under, customers will be transferred to a new supplier, but there won’t be a contract to tie you to that new supplier (so, if the worst happens, don’t sign up to anything at the other side until you’ve had a shop around). Any overpayments you have made are protected.

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What to do if your energy supplier goes bust

  • Customers will still continue to receive gas or electricity even if the energy supplier goes bust. Ofgem will move your account to a new supplier but it may take a few weeks. Your new supplier should then contact you to explain what is happening with your account

  • While you wait to hear from your new supplier: check your current balance and - if possible - download any bills; take a photo of your meter reading

  • If you pay by direct debit, there is no need to cancel it straight away, Citizens Advice says. Wait until your new account is set up before you cancel it

  • If you are in credit on your account, your money is protected and you’ll be paid back. If you were in debt to the old supplier, you’ll still have to pay the money back. The new supplier should contact you to arrange a payment plan

  • Once you have been informed of your new supplier, make sure you’re on the best tariff for you. You can switch if you’re not happy with your new supplier or tariff without any penalties, but don’t do this until the account has been moved over.

Source: Citizens Advice via BBC news article

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I will be holding off doing anything, move or request of credit.
I feel sorry for those who work for Bulb, it must be an extremely worrying time for all of them.
If the worst happens I will be transferred to a new supplier, my credit balance is protected by law, the employees of Bulb will have more to worry about if they are made redundant.

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I saw the article about Bulb seeking extra cash injection “to avoid collapse” on the BBC

(Community rules mean I can’t post the link, just Google it)

I know gas and electricity prices have risen enormously in the past year but surely the flexibility of having us members on a variable tariff means that these costs, unfortunate though they are, can be passed to us customers.

Why is Bulb in a business position where you have to seek a bailout?

And what does this mean, if anything, for the future of Bulb?

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Can anyone advise what the latest is on Bulb?

im looking to find this out also as i went to top my smart meter up but there website is down and not sure how to top up now grrrrr