Bulb to be Nationalised?

wakeupalarm

Next week.

The demise of Bulb would come close to matching the size of the total customer bases of the 14 energy companies which have ceased trading since the beginning of August.

https://news.sky.com/story/government-accelerates-planning-for-collapse-of-big-energy-supplier-bulb-12453948

Swipe

So all that stuff in their blog about we are fine due to all the hedging we did was baloney?

MWT

That would make it very difficult to get a smooth solvent take-over agreed, but depending upon the details of those liabilities it wouldn't be the first time a 'pre-pack' administration was arranged...

Probably going to be a pre-emptive administration application by Ofgam though I'd guess, using their rights, and then interim management through the winter.

Verdigris

Some sort of government backing on the £1bn, perhaps? (to make the thread title come partly true!)

MWT

A little strange, but the article has been revised in the last few mins, the liabilities are now lower...

spiro

Unless a buyer is found we will all end up paying for their failure like we will for all the SoLRs that have already occured.

Ultrasonic

Swipe said:

So all that stuff in their blog about we are fine due to all the hedging we did was baloney?

Pure Planet had some comments like that on their blog...

dbks

MWT said:

A little strange, but the article has been revised in the last few mins, the liabilities are now lower...

So if each of Bulb's customers were to be billed approx. £300, that would cover all Bulb's debts.

Customers could fund that one off payment in part or in full from their £50 referrers/referral credit they received (oftem much more)

I don't see why we, the taxpayer, should pick up the bill for this inevitable fallen pyramid scheme.

Sea_Shell

wakeupalarm said:

It's not taxpayers picking up the debts these gamblers directors of energy companies have built up, it is energy bill payers.  There is a difference.  

Albeit a technical one.

How many who are in one category, are not in the other.

Shown as a Venn diagram, it'd almost be a total eclipse!! 😉

macman

MWT said:

A little strange, but the article has been revised in the last few mins, the liabilities are now lower...

Must have a good accountancy team there, if they can suddenly revise their liabilities down by some £400m!