{"id":30080,"date":"2022-01-07T11:36:00","date_gmt":"2022-01-07T11:36:00","guid":{"rendered":"https:\/\/www.elixirr.com\/?p=30080"},"modified":"2025-10-31T10:48:30","modified_gmt":"2025-10-31T10:48:30","slug":"the-energy-industry-a-state-of-crisis","status":"publish","type":"post","link":"https:\/\/www.elixirr.com\/en-us\/the-energy-industry-a-state-of-crisis\/","title":{"rendered":"The Energy Industry: A State of Crisis?"},"content":{"rendered":"\n

Between record high gas prices, fears of blackouts around Christmas, and the recent collapse of Britain\u2019s largest alternative energy supplier, it\u2019s clear the energy industry in the UK, and across Europe, is in turmoil. So, what exactly went wrong?<\/p>\n\n\n\n

On the 22nd<\/sup>\u00a0of November, 2021, Bulb announced it would be entering\u00a0special administration\u00a0\u2014\u00a0the 23rd<\/sup>\u00a0energy supplier to have collapsed in the UK since August. This widespread series of failures can be\u00a0attributed\u00a0to issues on both a national and global scale, which will be explored in part II; most notably, a vast increase in gas prices worldwide, triggered by heightened demand following the pandemic. But, while the 22 previously unsuccessful companies signaled an industry on the brink of destruction, the demise of Bulb suggests something much worse. Those 22 companies had a cumulative customer base of\u00a0two million<\/a>; Bulb alone has a customer base of 1.7 million. Bulb\u2019s downfall represents the first energy \u201cgiant\u201d to have fallen. So, what does that mean for the\u00a0energy\u00a0industry? And what\u00a0impact will this have?<\/p>\n\n\n\n

Who is Bulb, and why did it collapse?<\/h2>\n\n\n\n

Bulb was founded in the UK in 2013 as a cleaner alternative to the \u201cBig Six\u201d energy providers, with an offering of 100% renewable energy<\/a>. The firm quickly gained considerable market share, acquiring 6% of the UK energy market. As of 2020, Bulb held position as the 7th<\/sup> largest energy supplier in Britain, serving 1.7 million households and employing more than 1,000 people. Despite this growth, Bulb suffered back-to-back financial losses, posting an operating loss of \u00a359 million<\/a> for the year ending March 2020 \u2014 one factor that contributed to its recent collapse. <\/p>\n\n\n\n

\n

In 2020, Bulb was the 7th largest energy supplier in Britain; by 2021, it had collapsed<\/p>\n<\/blockquote>\n\n\n\n

Although the current industry climate is what recently triggered scepticism around Bulb\u2019s future, its long-term viability has, in fact, been in question for longer. Bulb\u2019s pricing strategy was aggressive, a tactic employed by many smaller energy suppliers to steal customers from incumbents. But, after a price increase in September 2020, it was clear its strategy wasn\u2019t as sustainable as originally intended. Moreover, this came during a time when the majority of its competitors were lowering<\/a> their prices. Given the competitive pricing strategies seen in the industry, Bulb\u2019s original tactic placed it in dangerous waters. Changing tack here could have saved it from financial ruin. Though admittedly, the recent increase in the cost of gas wasn\u2019t easy to predict.<\/p>\n\n\n\n

In 2021 alone, the cost of gas quadrupled in England. The significant and sudden rise meant companies, like Bulb, that had not forward-purchased gas and electricity, and instead relied on wholesale prices, were in trouble. With contractual obligations to continue serving customers without disruption and caps on what it could charge, Bulb had to purchase gas and electricity for more than it could sell it for \u2014 an unfavourable move for a company already in hot water. <\/p>\n\n\n\n

Where Bulb went wrong<\/h2>\n\n\n\n

While other mistakes were made, this ultimately highlights the risk of relying on wholesale prices, in the hope of costs decreasing, instead of forward purchasing \u2014 a practice favored by \u2018Big Six\u2019 providers with much more cash in their bank account. Buying ahead allows companies to buy and sell an asset at a pre-specified price on a pre-agreed date, and therefore average out price changes across extended periods.<\/p>\n\n\n\n

Bulb\u2019s situation also speaks to the importance of long-term strategic planning, with effective hedging a pertinent factor for successful energy industry players. While some of the company\u2019s bigger competitors purchased energy so far in advance they could average out price changes across periods as long as ten years, Bulb\u2019s hedging practice was near non-existent. <\/p>\n\n\n\n

\n

Bulb’s situation speaks to the importance of long-term strategic planning; it’s hedging practice was near-non existent<\/p>\n<\/blockquote>\n\n\n\n

Bulb purchased its energy just three months in advance<\/a>. Such boldness paid off at times; for instance, between November 2018 and June 2019<\/a> when gas prices decreased by nearly 170% per therm. But the tactic\u2019s unsustainable nature became evident when the ongoing energy crisis forced it to pay considerable prices. Instead, Bulb would have benefited from planning across longer-term horizons and altering its strategy in order to purchase gas further in advance, especially given that most industry players had purchased supplies a year (or more) in advance<\/a>.<\/p>\n\n\n\n

A slow crash<\/h2>\n\n\n\n

Bulb\u2019s downfall didn\u2019t happen overnight. The company had been actively seeking investors for months. However, the colossal increase in gas prices, combined with Bulb (and the industry\u2019s) low profit margins, and its \u00a3600m<\/a> of liabilities, meant the company was unfortunately an unattractive option. <\/p>\n\n\n\n

Bulb is the largest UK provider<\/a> of energy to have collapsed in 19 years.  Whilst its crash is being softened by special administration laws<\/a> that protect consumers, by ensuring the company can continue to temporarily serve them, the fact these have been in existence since 2011 \u2014 and are only now being used \u2014 demonstrates the severity of the situation<\/a>. <\/p>\n\n\n\n

Now what?<\/h2>\n\n\n\n

Regardless of potential operational mistakes made by Bulb, its collapse, following those 22 smaller companies, is indicative of an industry in a state of crisis. And it foreshadows even greater ramifications. <\/p>\n\n\n\n

The UK pledged to be carbon neutral by 2035. The leading renewable energy company collapsing will undoubtedly put a delay in the journey to clean energy. In fact, whilst electricity generation from renewables is forecast to increase by 6%<\/a> this year, fossil-fuel based supply is set to rise by 40% So, Bulb\u2019s collapse is a significant blow to an already slow, yet critical, transition to green energy.<\/p>\n\n\n\n

Bulb may be the first giant to have fallen, but patterns suggest it won\u2019t be the last. What does the future hold, and why has the price increase been so \u201ccolossal?\u201d Stay tuned for part II and III to find out.<\/p>\n","protected":false},"excerpt":{"rendered":"

Between record high gas prices, fears of blackouts around Christmas, and the recent collapse of Britain\u2019s largest alternative energy supplier, it\u2019s clear the energy industry in the UK, and across…<\/p>\n","protected":false},"author":1,"featured_media":30085,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[116],"tags":[269,270],"related_service":[],"related_industry":[72],"class_list":["post-30080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-energy","tag-renewable-energy"],"acf":[],"yoast_head":"\nThe Energy Industry: A State of Crisis? - Elixirr - USA<\/title>\n<meta name=\"description\" content=\"The collapse of Britain's largest alternative energy provider has implications for the industry as a whole\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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45.2743 35.604 45.2744 23.5508C45.2744 11.4974 35.4674 1.68957 23.4141 1.68945Z\" fill=\"currentColor\"\/>\n<path d=\"M19.2841 33.6992C18.9579 33.6986 18.6374 33.6111 18.3543 33.4454C17.7167 33.0759 17.3203 32.3585 17.3203 31.5797V15.8189C17.3203 15.0379 17.7167 14.3227 18.3543 13.9531C18.6442 13.7827 18.9735 13.6951 19.3078 13.6994C19.6421 13.7037 19.9692 13.7998 20.2548 13.9776L33.4237 22.0406C33.6981 22.2166 33.9244 22.461 34.0812 22.751C34.238 23.0409 34.3203 23.3668 34.3203 23.6982C34.3203 24.0295 34.238 24.3555 34.0812 24.6454C33.9244 24.9353 33.6981 25.1798 33.4237 25.3558L20.2527 33.421C19.9604 33.6017 19.6256 33.6979 19.2841 33.6992Z\" fill=\"currentColor\"\/>\n<\/g>\n<\/svg>\n<\/span> <\/div>\n <\/figure>\n <div class=\"wp-component-card__content edwp-row-load\">\n <p class=\"wp-component-card__eyebrow\">\n Articles <\/p>\n <a href='https:\/\/www.elixirr.com\/en-us\/the-energy-industry-a-state-of-crisis\/' class='wp-component-card__title'>\n <h2>\n The Energy Industry: A State of Crisis?\n <\/h2>\n <\/a> <div class=\"wp-component-card__description\">\n Between record high gas prices, fears of blackouts around Christmas, and the recent collapse of Britain\u2019s largest alternative energy supplier, it\u2019s clear the energy industry in the UK, and across… <\/div>\n <div class=\"wp-component-card__meta\">\n <p class=\"wp-component-card__date\">\n 07 January 2022 <\/p>\n <div class=\"wp-component-card__terms\">\n <div class=\"wp-component-tags edwp-component\">\n <div class=\"wp-component-tags__tag\">\n Energy <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"wp-component-card__button-wrapper\">\n <button class=\"btn btn--link arrow wp-component-card__button\">\n Read more <span class='edwp-svg '><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g id=\"Lg\">\n<path id=\"Vector\" d=\"M1.12509 9.50162H15.8648L9.43259 3.06941C9.374 3.0113 9.3275 2.94216 9.29576 2.86599C9.26403 2.78981 9.24769 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<\/div>\n<\/article>\n","_links":{"self":[{"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/posts\/30080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/comments?post=30080"}],"version-history":[{"count":1,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/posts\/30080\/revisions"}],"predecessor-version":[{"id":57424,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/posts\/30080\/revisions\/57424"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/media\/30085"}],"wp:attachment":[{"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/media?parent=30080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/categories?post=30080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/tags?post=30080"},{"taxonomy":"related_service","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/related_service?post=30080"},{"taxonomy":"related_industry","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-us\/wp-json\/wp\/v2\/related_industry?post=30080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}