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Looks like Bulb energy is about to collapse on 13:03 - Oct 29 by FBI
Me too. Rats. I've asked for a (partial) credit refund which won't do them any good but seems sensible on our side.
I believe they legally have to transfer any credit you have to your new supplier when you are migrated across.
The problem here is unlike smaller ones that have gone bankrupt, there seems no reason why they couldn't have bought physical delivery options to lock in prices a long time ago.
SB
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Looks like Bulb energy is about to collapse on 13:10 - Oct 29 with 2676 views
Looks like Bulb energy is about to collapse on 13:06 - Oct 29 by StokieBlue
I believe they legally have to transfer any credit you have to your new supplier when you are migrated across.
The problem here is unlike smaller ones that have gone bankrupt, there seems no reason why they couldn't have bought physical delivery options to lock in prices a long time ago.
SB
Yeah, I'd seen that when it all started with the smaller companies. We had a stupid amount of credit, though and I'd been meaning to get it back for ages and not got around to it.
Looks like Bulb energy is about to collapse on 13:06 - Oct 29 by StokieBlue
I believe they legally have to transfer any credit you have to your new supplier when you are migrated across.
The problem here is unlike smaller ones that have gone bankrupt, there seems no reason why they couldn't have bought physical delivery options to lock in prices a long time ago.
SB
Not necessarily that simple - they are probably more credit worthy than some of the smaller suppliers that have gone, but still may not have had the trading lines required to be fully hedged (and obviously are as hamstrung by the price cap as everyone else is).
0
Looks like Bulb energy is about to collapse on 13:18 - Oct 29 with 2640 views
Looks like Bulb energy is about to collapse on 13:17 - Oct 29 by JakeITFC
Not necessarily that simple - they are probably more credit worthy than some of the smaller suppliers that have gone, but still may not have had the trading lines required to be fully hedged (and obviously are as hamstrung by the price cap as everyone else is).
They wouldn't need to be fully hedged.
Unless they were running at absolutely wafer thin margins they should have been able to hedge at least some of the risk in the market.
Essentially it looks like none of these businesses were every viable and could only exist due to small margins and low energy prices.
SB
1
Looks like Bulb energy is about to collapse on 13:28 - Oct 29 with 2580 views
Looks like Bulb energy is about to collapse on 13:18 - Oct 29 by StokieBlue
They wouldn't need to be fully hedged.
Unless they were running at absolutely wafer thin margins they should have been able to hedge at least some of the risk in the market.
Essentially it looks like none of these businesses were every viable and could only exist due to small margins and low energy prices.
SB
Doesn't take much error in forecast or residual shape at the mad prompt prices we've seen to put companies under water, though, no matter how good your hedging is. I'm sure there have been some bad practices in some of the dozen plus companies that have gone under, but for some they literally don't have the ability to avoid these huge hits.
Arguably it shouldn't matter for a company like Bulb who are owned by venture capitalists and operate at a huge loss annually anyway, but the money men don't have the stomach for the fight it seems.
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Looks like Bulb energy is about to collapse on 14:00 - Oct 29 with 2479 views
That’s sad because they were a nice company. I think that the company’s governance is to blame for that because they did not pay attention to the growing issue and continued getting enormous salaries. This is not a way to solve any problem, and you better never do that. It was a trouble for me when they collapsed because I had to look for a new energy supplier that would help me keep all the smart light bulbs in my house on, I buy them from https://www.vont.com/product/vont-bulb-color-smart-light-bulbs-smart-bulbs/. I like them so much, and they consume so little electricity that I always have them on. They shine yellow at night and purple during the day — that’s the program that I have installed.
[Post edited 16 May 2022 15:55]
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Looks like Bulb energy is about to collapse on 08:24 - May 10 with 1337 views
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