Centrica pulls out of Bulb auction in blow to government

Centrica, the owner of British Gas, has pulled out of the auction for failed energy provider Bulb, leaving the UK government struggling to achieve a competitive bidding process. Bulb's insolvency is expected to cost the government at least £2.2bn, making it the biggest state bailout since Royal Bank of Scotland in 2008. The National Audit Office has criticised energy regulator Ofgem's handling of the crisis, which has seen 30 suppliers including Bulb collapse in the past year. Hayden Wood, chief executive and founder of Bulb Energy, is still being paid the same £250,000 salary he received before the company's rescue, and the company has employed Simon Stacey, a former N-Power executive, as finance director on an interim basis. Teneo, Interpath, Centrica, Octopus, Lazard and Bulb declined to comment and Masdar was unavailable for comment.

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