One of the UK's largest energy suppliers has fallen into administration, with 1.7 million customers affected.
Bulb, which provides energy to one in 17 homes in the UK, confirmed the news in a statement on their Twitter and website this afternoon at approximately 12.30pm that they are now in 'special administration'.
Special administration means that the energy firm will be allowed to operate as normal and Bulb customers do not need to do anything in the meantime.
So far, 22 energy firms have collapsed in 2021 due to the energy crisis, which saw the likes of OVO Energy and more fold, but Bulb is the biggest company to go bust so far.
According to Sky News, 1,000 jobs could be at risk with the collapse of Bulb.
Bulb wrote in a statement on their website: "Special administration is designed to allow Bulb to continue to operate as usual so you don’t need to take any action. Your tariffs are not changing, and the price cap applies to all consumer energy tariffs. If you pay for your energy by top up, your top ups will continue to work as normal. If you’re in the process of switching to or from Bulb, your switch will continue.
"We’re expecting a high volume of calls today, so please only call if it’s an emergency, you’re in a vulnerable situation or you are struggling to pay your bills. That way, we can help those who need it most at this time. And please bear in mind that response times will be longer than normal.
"Thank you to our members and to our team who continue to work so hard to build amazing products, provide brilliant customer service, and bring renewable energy to our members around the world."
