Tashema Jackson, energy expert at energyhelpline.com, says: “The energy crisis has claimed its biggest victim to date following the news that Bulb is going into special administration. The news may come as a shock to their 1.7 million customers, many of whom have deliberately chosen to switch to Bulb due to their focus on good customer service, 100% renewably sourced electricity and a monthly rolling contract which they can walk away from whenever they want.
“Bulb has for years been hailed as an example of exactly the type of new energy supplier the regulator wanted, when they opened up the market twenty years ago – offering a genuinely alternative proposition, with a customer first focus which made legacy suppliers to sit up and take notice. So to see them collapse will be a cause for significant concern for what this means for the wider retail energy market.
“Ofgem really can’t afford to sit on its hands as the industry returns to a core of a few suppliers, taking away much of the innovation and competition we’ve seen build up over the past decade, if it wants consumers to continue to have a breadth of options when the crisis subsides and the energy market returns to a semblance of normality.”