The government has announced energy supplier Bulb has formally entered into special administration with the business continuing to supply energy to its customers.
A Special Administration Regime (SAR) is a process to protect customers when a large provider fails.
SARs are activated in cases where essential services may otherwise be interrupted if normal insolvency processes were followed.
The government will provide the necessary funding to ensure that the administration is managed in a way that protects customers’ supply.
Bulb, which is currently serving an estimated 1.7 million customers has been the biggest victim so far of the crisis in the energy market.
On Monday, the company announced its insolvency.
In recent months more than 2o energy suppliers have gone bust not being able to shoulder the financial burden created by the skyrocketing energy costs.
Energy Minister Greg Hands said: “Our overriding priority is to protect consumers and the appointment of administrators will ensure the supply of energy remains normal to Bulb customers across the country, providing vital reassurance while an enduring solution is agreed.
“The administrators will now take temporary charge of operating Bulb and that includes ensuring if a new owner cannot be found customers are safely moved to another supplier.”