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Utilities – Bulb

Bulb Energy has been granted a stay of execution by lenders as it grapples with a spike in wholesale prices, spiralling customer complaints and the resignation of its co-founder. The loss-making electricity and gas provider, which has 1.7m customers and is backed by billionaire Russian-Israeli entrepreneur Yuri Milner, has struck a deal to delay repaying £55m of loans until the end of next year. The deal comes just months after co-founder Amit Gudka’s surprise decision to quit in February. Bulb was forced to hike its prices in April and May as it grapples with soaring costs. Tariffs were also increased twice in 2020. Wholesale energy prices have doubled over the last year and risen a third since March.

Telegraph 5th June 2021 read more »

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