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Bulb’s collapse signals the urgent need for energy market reforms
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About three hours after Bulb announced to the world, including its 1.7 million household customers, that it had gone bust, Ofgem confirmed the fact. Slow reactions, sadly, have typified the regulator’s struggle to keep pace with events in the energy crisis. Even now, after the biggest company failure, one can discern only an outline of a plan for reforming the retail market to ensure it can withstand future storms.
Still, “special administration”, or nationalisation, was the only practical
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