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U.K. Set for Ballooning Cost of Rescuing Bulb Energy as Gas Prices Soar

The cost of rescuing failed U.K. energy supplier Bulb Energy Ltd. has jumped after wholesale natural gas prices reached fresh records, with consumers set to foot the bill.

Teneo Inc., the special administrator running the company using taxpayer money until a buyer can be found, needs more funds to purchase energy to supply Bulb’s customers, according to a person familiar with the situation, who asked not to be named because the information isn’t public. The amount could swell to as much as 3 billion pounds ($3.9 billion) based on current prices, according to the person.