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Centrica reportedly looking at buying parts of Bulb

Posted at April 25, 2022 » By : » Categories : News » Comments Off on Centrica reportedly looking at buying parts of Bulb

Centrica has reportedly joined the bidding to acquire parts of the collapsed UK energy supplier Bulb’s business.

Energy supplier Bulb, which has 1.6 million customers, was put into special administration in November.

According to The Sunday Times, the British Gas owner and UAE government-owned company Masdar submitted non-binding offers during the first round of bids which closed earlier this month.

The newspaper claimed that Centrica expressed interest in buying Bulb’s customers, but not its brand, staff or offices.

It has also allegedly asked for taxpayer support to buy the power needed for those customers.

Last month, ELN reported that Bulb’s special administration was predicted to cost taxpayers at least £1.3 billion more than the original £1.7 billion estimate.

Addressing the Business, Energy and Industrial Strategy Committee, Bulb‘s Chief Executive Officer and Founder admitted that his annual salary was £250,000 a year after the administrators asked him to stay to help with the smooth transition of the company into the special administration regime.

Last week, Chris O’Shea, Chief Executive Officer of Centrica, said the current financial situation in the energy market will get worse if there is no further government intervention.

In a statement, Masdar said: “Masdar continues to drive substantial growth across its global clean energy portfolio, which includes world-leading wind and battery storage projects in the UK.

“As a global clean energy powerhouse, we remain committed to growing our presence in the UK and elsewhere to help support the energy transition. Masdar does not comment on market speculation.”

ELN has approached Centrica for a response.

Article source: https://www.energylivenews.com/2022/04/25/centrica-reportedly-looking-at-buying-parts-of-bulb/

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