Bailing out failed supplier Bulb to ‘cost every household almost £230’

An extra £4.6bn has been spent on handling the company in 2022-23, official figures have revealed

Every household in the UK is set to pay nearly £230 on top of their bills for bailing out bust energy company Bulb.

Official figures by the Office for Budget Responsibility (OBR) show that the cost of keeping the energy supplier afloat has soared to £6.5 billion.

Handling the company in 2022-23 will cost an extra £4.6 billion, the OBR has confirmed.

In its earlier forecast, the non-departmental public body estimated that the bailout would cost £2.2 billion over two years.

In response to the paper’s findings, Andy Prendergast, GMB National Secretary, said: “The fact bailing out one failed energy company has cost £6.5 billion is yet more proof the attempt to use the markets has been an unmitigated disaster.

“How Ofgem allowed a company like this to rack up such unsustainable debt beggar’s belief. In times of unprecedented hardship, costing £230 on bizarre ideological theory is utter stupidity.”

A few days ago, Octopus signed the deal to buy Bulb’ and add the company’s 1.5 million customers to its existing portfolio of around three million accounts.

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