Hi folks, as some of you may of heard, there's a real problem with energy wholesale costs
at the moment and now looks like Bulb are trying to source extra funding to stay afloat. Bulb supplies electricity and gas to 1.7m UK customers and It is the sixth biggest supplier in Britain with a market share of just under 6 per cent as of March this year. (Source FT)
Other updatesAvro Energy is ceasing to trade. Ofgem, the energy regulator, is appointing a new supplier for its customers.
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Ofgem have appointed Octopus Energy to take over your energy supply from Avro Energy.Current energy offers£100 bill credit at EDF when you switch gas and electricSainsbury’s 2 years fixed deal Energy Crisis + 12000 Nectar Bonus Points (worth £60) at Sainsbury's Energy (E.ON)Lidl / British Gas Evolve “The Lidl One” Exclusive energy Tariff + £50 Lidl Plus coupon for New dual fuel Customers on direct debit
''The UK's sixth largest energy company, Bulb, is seeking a bailout to stay afloat amid surging wholesale gas prices.
The company, with 1.7m customers, is working with the investment bank Lazard to try to shore up its balance sheet.It is the latest energy company battling to avoid going bust, with at least four smaller UK firms expected to go out of business next week.
High global demand for gas has caused a recent surge in wholesale prices.
A bailout for Bulb could come as part of a joint venture or merger with another company, with a further option being a cash injection from investors, according to the Financial Times, who first reported the story.
In a statement, Bulb told the BBC: "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."
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.
More articles to helpWhat happens if your energy supplier goes bustYour energy supplier has gone bust
Credit - BBC
Last updated 21.20pm Sunday 26 Sept. Next update 12pm Monday 27 Sept.Ofgem have appointed Octopus Energy to take over your energy supply from Avro Energy.
Your energy supply will not be interrupted or affected in any way. Any credit balance you have with Avro is safe, protected by regulation, and will be transferred to your Octopus Energy account.
Please do not contact Octopus Energy right now as we cannot give you any more information but we will email you to explain what happens next within the next 48 hours.If you have a power cut
, please contact 105 from anywhere in the country to be put through to your local power distributor. If you can smell gas or have a gas leak, please contact the 24 hour National Gas Emergency hotline on 0800 111 999.
If your power is off supply due to an issue with your meter and the distributor is unable to assist, you can contact the emergency team on 08456 589 655. This service is provided by Avro's meter operator Lowri Beck who can only help with your physical meter and have no access to details about your account.
Your Avro energy account is moving to OctopusOfgem, the energy regulator, has asked Octopus Energy to step in and look after Avro's customers as the company have ceased trading. Over the next few weeks, we will transfer you to our systems and move you to one of our competitive tariffs. Once this switch process is complete, you'll be free to stay with Octopus with no exit fees, or switch to another supplier. You won't be able to switch until then due to energy industry limitations.
If you have recently left Avro and have a credit or debit to settle, please do not contact us yet. We will contact you within the next 4 weeks to let you know what happens next.If you started to switch to, or away from Avro, more than 7 days ago, the switch will continue uninterrupted. If it was less than 7 days ago, the supplier you are moving from, or moving to, may be able to cancel the switch if you prefer.
Good to know:
- Your energy supply will not be interrupted or affected in any way. You will not be cut off.
- Any money Avro owes you is safe and will be credited to your new Octopus account as soon as possible.
- If you pay by Direct Debit please do not cancel it. This will continue as usual and be paid to Octopus and not Avro. You will need to pay for the energy you use, and if you cancel your direct debit, you may start to build up debt. If you have cancelled it already, don't worry, we will contact you about this.
- If you are a prepayment customer, you will be able to top up in the same way you have been doing & will not lose supply
Our pricing promise: Your Avro tariff will come to an end on the 26th of September at the point the company ceased trading. We will get in touch with all Avro customers soon to inform them about new rates and charges, but will move customers onto our Flexible Octopus tariff, £10 below the price cap. This is currently cheaper than anything available from any other large supplier and cheaper than the fixed prices we're currently offering new customers on our website.
Please do not call or email us - we will be in touch within 48 hours with an update.
If you can, please make a note of your meter readings today and store them. If you cannot input them onto the Avro website, do not worry, just keep a record and we will ask for these soon. If you are away, or can’t make a note, don’t worry. It won’t affect your switch and we will be in touch soon with more information.Here’s what will happen next:
Within 48 hours
We will contact you with an update.
Within 14 days
We expect to have most accounts reviewed, transferred, and operating properly. Please do not cancel your Direct Debit as we will move it over to us.
In the next month
Once your switch completes, you'll be free to switch to another supplier (but we hope you'll stay).
We are committed to making this as smooth as possible. We’re proud of our reputation for customer service and ask that you bear with us whilst we begin the tidying process so we can give you the service you deserve.