The energy supplier Bulb Energy has gone into administration today.

The firm’s 1.7 million customers will be continue to be supplied by the energy regulator Ofgem, after the firm agreed to be put into special measures during weekend talks.

A spokesperson from Bulb has said: “We’ve decided to support Bulb being placed into special administration, which means it will continue to operate with no interruption of service or supply to members. If you’re a Bulb member, please don’t worry as your energy supply is secure and all credit balances are protected.”

Half of Britain’s energy suppliers have already gone bust this year, 14 of which collapsed throughout October and September.

Gas prices have soared by 250% since January.

The energy price cap currently limits how much firms can charge consumers, which means the costs of wholesale price surges mostly fall on the suppliers.

Experts forecast that the energy price cap will be permitted to rise by an additional £400 when it is next reviewed in February.