Source · Select Committees · Public Accounts Committee
Recommendation 1
1
Accepted
Committee took evidence from various bodies on Bulb Energy's transfer and sale.
Conclusion
On the basis of a report by the Comptroller and Auditor General, we took evidence from the Department for Energy Security and Net Zero (the Department) and HM Treasury on Bulb Energy.1 We also took evidence from Octopus Energy Group Limited (Octopus), Ofgem and one of the three appointed special administrators from Teneo Financial Advisory Limited (special administrators also referred to as Teneo throughout this report). Transfer of Bulb into SAR and eventual sale to Octopus
Government Response Summary
The government, misinterpreting the introductory conclusion as a recommendation, states that the 'recommendation is implemented' and describes various existing and ongoing government schemes like the Energy Price Guarantee, cost-of-living payments, and the Warm Home Discount, to support households with energy costs.
Government Response
Accepted
HM Government
Accepted
The government agrees with the Committee’s recommendation. Recommendation implemented Energy prices have fallen significantly throughout 2023. In the near term, the Energy Price Guarantee (EPG) is still in place should prices exceed £3,000 and will remain so until the end of March 2024. Additional cost-of-living payments, worth up to £900, are also in place supporting the most vulnerable households. The Energy Bill Discount Scheme (EBDS) will continue to provide support to non- domestic customers who have a contract with a licensed energy supplier until 31 March 2024 and who are not receiving additional support via the Energy and Trade Intensive Industries scheme. The EBDS also provides a higher level of support for heat networks with domestic end consumers. This aims to ensure that customers on heat networks do not face disproportionately higher bills. The department expects over three million households to receive a Warm Home Discount (WHD) rebate during the winter of 2023-24 and the government continues to explore options to make the WHD more flexible. Households who meet the eligibility criteria then receive a rebate. The official statistics for the 2022-23 scheme show that in the winter of 2022- 23, 95% of recipient households received their rebates this way, with the remaining 5% receiving their rebate following a claim to the associated helpline.