Bulb, which is being supported by a £1.7 billion taxpayer-funded loan has announced it will increase its prices in line with the new price cap that will come into effect from 1st April.

Customers of the company have been notified that they will be paying on average around £13.33 a week more for the energy they consume.

The company said the rising prices are driven by significant increases in the cost of gas.

It added: “Standing charges for gas and electricity are also increasing, driven by an increase in fixed network costs and an increase in government policy costs.”

Bulb follows other suppliers, including British Gas, EDF and ScottishPower who had previously announced similar increases in their prices.

A few days ago, it was reported that Teneo, the company which runs the special administration of Bulb invited financial advisory firm, Lazard, to conduct a sale process that would lead to a potential buyer.