House of Commons · Written Ministerial Statement
Departmental Contingent Liability Notification: Energy Supply Company Special Administration Regime
06 January 2022 · Department for Business, Energy and Industrial Strategy
Proposed by Greg Hands Con Chelsea and Fulham
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Greg Hands laid before Parliament a Departmental Minute regarding a contingent liability for Bulb Energy Limited.
- The liability arises from a letter of credit issued under the Special Administration Regime.
- HM Treasury has approved the arrangements in principle.
Issue summary
Greg Hands is laying before Parliament a Departmental Minute describing a contingent liability arising from a letter of credit issued for Bulb Energy Limited under the Special Administration Regime.
Action requested
The Minister regrets the delay due to recess and has laid before Parliament a minute giving particulars of the contingent liability created, explaining that it is normal practice when a Government Department undertakes such liabilities. HM Treasury has approved the arrangements in principle.
Key facts
- The contingent liability arises from a letter of credit issued for Bulb Energy Limited.
- Bulb entered the Special Administration Regime on 24 November 2021.
- The legal basis is section 165 Energy Act 2004, as applied and modified by section 96 Energy Act 2011.