The UK's sixth biggest energy company, Bulb, is struggling to stay afloat and is seeking finanicial support to keep it going, according to reports.

The Financial Times report Bulb, which currently has 1.7 million customers across the UK, are looking for a cash injection from investors or merging with another company.

 

Bulb was founded in 2013 and prided itself as a renewable energy supplier, but saw £63 million in losses in the year up to March 31 2020.

"From time to time we explore various opportunities to fund our business plans and further our mission to lower bills and lower CO2," Bulb said to the BBC.

"Like everyone in the industry, we're monitoring wholesale prices and their impact on our business."

It follows the UK's growing energy crisis as gas prices rise and supply is limited, due to planned maintenance work. 

Wholesale gas prices have risen by 250% since the start of 2021 and saw a 70% spike in August.

Which energy companies have already gone bust?

These companies have already gone into administration this year:

- Utility Point (14 September)

- People’s Energy (14 September)

- PFP Energy (7 September)

- MoneyPlus Energy (7 September)

- HUB Energy (9 August)

What is the Government's response?

Kwasi Kwarteng, the business secretary, has said that "well-rehearsed plans" were in place to stop energy supplies being cut off.

Prime Minister Boris Johnson said to reporters in New York: "We’ve got to try and fix it as fast as we can, make sure that we have the supplies that we want, make sure that we don’t allow the companies we rely on to go under.

“We’ll have to do everything we can, but this will get better as the market starts to sort itself out as the world economy gets back on its feet.”

What do I do if my supplier goes bust?

Regulator Ofgem will automatically switch over your company if your current supplier goes into administration and your supply will continue uninterrupted.