OVO has reportedly made an eleventh hour bid to buy nationalised energy supplier Bulb.
It has written to Bulb’s special administrator to let it know that it is once again considering purchasing the company, sources told Sky News last week.
Bulb was placed into special administration in November 2021, after failing to find new funding opportunities and announcing insolvency amid high power prices. Consultancy Teneo was appointed as administrator by the government, and has since been running the company.
At the time, the government noted that it had put aside £1.7 billion to support the failed supplier.
However this cost has subsequently risen, with the supplier’s insolvency expected to cost the government at least £2.2 billion. In the six months since nationalisation, Bulb has lost £886 million, noted an article in the Financial Times in July.
Financial advisory Lazard has been tasked with finding a new owner for Bulb, with the auction to acquire it officially closing at the end of June.
Octopus Energy was thought to be the last company still interested in buying Bulb and its 1.6 million customers until the past week, when it appeared OVO re-entered the race having shown interest back in November 2021.
Previously there had also been interest from UAE government-owned energy company Masdar and British Gas owner Centrica.
OVO is currently not commenting on the reports, it told Current±.
