Government to cover costs of Bulb special administration: Only 3 days following the announcement from Bulb that it could be situated into a special administration regime, reports imply that the current failure could leave taxpayers with a £1.7 billion debt.
On Wednesday at a court hearing, it was shown that the government has reserved £1.7 billion to back the work of the advisory firm Teneo, the firm that has been selected to handle the administration.
Business and Energy Secretary Kwasi Kwarteng stated yesterday in the House of Commons that the regime of special administration was a temporary preparation that supplies an ultimate security to protect consumers as well as guarantee continued supply.
Mr Kwarteng announced: “The special administration regime will keep bills at the lowest cost that it is reasonably practical to incur while ensuring that the market remains stable.
“The House should understand that we do not want the company to be in this temporary state for longer than is absolutely necessary.
“Supplies remain secure & credit balances will be protected. Finally, all domestic customers in Great Britain are, of course, protected by the energy price cap, which remains firmly in place.”
Government to cover costs of Bulb special administration