Gas and electricity supplier, Ovo Energy has said it will renew its bid to buy Bulb, after competitor Octopus Energy was left as the only party interested in acquiring the supplier.
In a letter to Bulb’s special administrator, Ovo said it was prepared to acquire the company, which has 1.6mln customers, without any additional taxpayer funding.
Centrica, which owns British Gas, had previously intended to bid for Bulb, but pulled out leaving Octopus a lone bidder until Ovo’s renewed interest.
Bulb went into administration last year, having since been bailed out by the government in a move that could cost over £4bn and see consumers face an extra £150 on their energy bills.
After Bulb was nationalised last year, Ovo submitted an offer to buy the company only to pull out of the auction before renewing its interest once again.
Octopus had reportedly been close to finalising a deal for Bulb worth between £100mln to £ 200mln, but it is likely that Ovo’s renewed interest will stem this process.
The Department of Business previously outlined that the sale of Bulb’s customer base would be the optimal outcome after the company was transferred into public hands.