Bulb fury: Urgent demands to nationalise energy provider as taxpayer forks out in bail out

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We Own it argue that services are better run by “people rather than profit” and campaign for public ownership of services rather than privatisation. Writing on Twitter, the group argued that now was a “perfect time” to set up a state owned energy company along the lines of EDF in France.

They also pointed out that nationalisation of energy has allowed the French government to limit the rise in energy bills to 4 percent in contrast to their British counterparts.

They said: “Nationalise Bulb (instead of the taxpayer paying Octopus £1 billion to buy it).

“Now is the perfect time to set up a state owned energy supplier (like EDF in France which has kept bill rises to only 4 percent).”

Steve England the founding director of the environmental pressure group Surfers against sewage retweeted the message.

Using the social media platform Mr England paraphrased former US President Donald Trump arguing that nationalisation could revitalise the beleaguered energy giant.

He said: “Make Bulb great again!

“Let’s make it OUR energy company of the future !”

In September 2021, Bulb Energy sought a bailout due to issues relating to the increase in natural gas prices. 

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The proposed deal would also include a “significant” profit share agreement in order to give the Government a return for several years of earnings from Bulb customers.

Octopus is seeking a £1billion package because Bulb does not hedge its purchase of wholesale gas thus making it vulnerable to soaring prices during the current energy crisis.

A source close to the talks told Sky News that the £1billion would be repaid in full by the company.

Octopus submitted the only formal offer for Bulb before a June deadline leaving ministers with few options.

One person who was involved in the discussions described it as “a fair deal for all parties”.

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