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Re: Energy companies collapse
Privatise the profits .. Socialise the losses:
UK government sets aside £1.7bn to support Bulb customers
Quote:
Bulb has been handed about £1,000 per customer from the UK government to enable it to continue supplying energy.
The firm was put into special administration on Wednesday, which will allow it keep trading for the moment.
Bulb will be run by administrator Teneo until a buyer can be found or until its customers have moved.
The government loan of nearly £1.7bn will mean the administration is managed in a way that the lights stay on for Bulb's 1.7 million customers.
Teneo estimates it will cost around £2.1bn to keep Bulb trading until the end of April next year.
Business Secretary Kwasi Kwarteng can provide more money for the company if needed.
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