£1,000 a customer? Why the UK is counting the cost of keeping Bulb’s lights on

1000 a customer why the uk is counting the cost of keeping bulbs lights on

Sumary of £1,000 a customer? Why the UK is counting the cost of keeping Bulb’s lights on:

  • The life-support scheme set up to allow Bulb to keep supplying gas and electricity to its 1.7 million customers through the winter months could cost taxpayers up to £1.7bn, or £1,000 a customer, according to a court application to hand the company to a special administrator.
  • Officials are understood to be focused on finding a quick exit strategy from the arrangement as early in the new year as possible to help limit the eye-watering costs, as signs of the supplier’s “unsustainable” business model grow clearer.
  • Bulb was able to benefit from this strategy between late 2018 and last summer as market prices drifted downwards, but the recent hike in markets meant it was paying record-breaking prices to secure winter energy supplies.
  • I don’t think Bulb was doomed to fail, even at the start of the energy crisis, but by the time higher prices took hold it was too late.

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