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07.12 - 21:27
Uncertainty over if government is in Bulb Energy for the long haul
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Place your bets: how long do you think the government will be in the business of running a retail energy supply company? Put another way, is the “special administration” of Bulb Energy likely to be a quick fix or a long haul?
Kwasi Kwarteng, the business secretary, was careful not to answer that question in the Commons this week. “The house should understand that we do not want this company to be in this temporary state longer than is absolutely necessary,” he said, offering no hint of what he would consider a reasonable timetable.
Six months? That is the period covered by the government’s advance of £1.7bn of public money to be used as working capital by the administrators – consultancy firm Teneo – to ensure Bulb’s 1.7 million customers
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