U.K. Energy Bills to Balloon as Consumers Pay for Bulb Collapse
- At least 2 billion pounds were already set to go onto bills
- Failure of large supplier Bulb could potentially double that
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British consumers are set to pay for the collapse of Bulb Energy Ltd. as the cost of nationalizing the U.K.’s seventh-largest energy supplier gets tacked onto future bills.
Buying energy for all the clients of the 20 suppliers that have already failed was already set to add at least 2 billion pounds ($2.7 billion) to bills, with costs estimated at about 1,000 pounds per customer. Now that the U.K. government is temporarily taking on Bulb’s 1.7 million clients in the first forced nationalization since the 2008 banking crisis, that figure could double.