Bluegreen Energy enters administration amid energy crisis

Interpath Advisory has been named as the administrator of Bluegreen Energy. The firm’s customers have transferred to British Gas.

The 250% rise in wholesale gas prices has pushed another mid-market energy firm to collapse. Bluegreen Energy is an energy retailer supplying gas and electricity to around 5,900 domestic customers, along with several small and medium enterprises.

However, the company had been experiencing significant financial challenges. Following the withdrawal of financial support from its Dutch parent company, the director took the difficult decision to place the business into administration. Interpath Advisory’s Steve Absolom and Will Wright were appointed joint administrators to Bluegreen as it ceased to trade.

Absolom stated, “We continue to see the significant impact that recent spikes in wholesale gas and electricity prices are having across the energy market. For Bluegreen and so many other suppliers, the challenges regrettably proved to be insurmountable.”

While Bluegreen has no direct employees, Ofgem has once again had to act to ensure its customers do not see their energy supply disrupted. The energy watchdog appointed British Gas as the new supplier for all Bluegreen’s customers.

On this note, Absolom added, “Our priority over the coming days is to work closely with British Gas to ensure a smooth transition for all Bluegreen customers.”

In recent years, experts had asserted that these smaller competitors would help drive down utilities prices for UK consumers. However, the present crisis is seeing many of them disappear without any such change materialising.

A total of 20 suppliers have collapsed since August. Alongside Bluegreen, the full list of casualties now includes Hub Energy, PfP Energy, MoneyPlus Energy, Utility Point, People’s Energy, Green, Avro Energy, Igloo Energy, Symbio Energy, ENSTROGA, Pure Planet, Colorado Energy, Daligas, GOTO Energy, Zebra Power, Omni Energy, MA Energy, Ampoweruk and CNG Energy.