Bulb Energy
Energy / Utilities · Collapsed Nov 2021
Case Summary
Bulb Energy raised over £250M and grew to 1.7M customers. When wholesale energy prices spiked, the regulated price cap prevented passing costs to consumers. The company burned through reserves and entered special administration.
Peak Signal Scores
Funding
9Market Position
8News & Events
7Workforce
5Sentiment
5Company Filings
4Signal Timeline
Headcount growth outpacing customer economics.
Wholesale energy prices begin sustained rise.
Job postings shift from growth roles to finance and compliance.
Margin compression becomes acute. Price cap prevents cost pass-through.
Media reports on energy supplier distress wave.
OFGEM places Bulb into special administration.
What ERR Would Have Shown
By early 2021, Bulb’s headcount growth had outpaced its customer economics. The energy price cap meant revenue was capped while costs were not. Job postings shifted from growth roles to finance and compliance — a signal of internal stress. ERR would have detected the hiring profile shift and margin compression signals 10 months before OFGEM placed Bulb into special administration.
Current Portfolio Matches
No current portfolio companies match this pattern.