Commenting on the news that energy supplier Bulb has gone into special administration, Andrew Sissons, Deputy Director of Nesta's Sustainable Future mission, said:

““Bulb’s collapse shows that the government cannot wait for the energy price crisis to blow over. The price cap protects consumers but puts suppliers in an unsustainable position where they cannot afford to pay for the energy they supply. If the government sticks with its current approach, either more energy suppliers will fail or household bills will have to rise much further.

“Although Bulb is a ‘100% renewable’ energy supplier, this has little bearing on the prices it pays for energy. The price of electricity in the UK is effectively set by the gas price, because we currently rely on gas power plants to fill the gaps when there isn’t enough output from renewable sources.

“This crisis is a reminder of how fragile an economy based on fossil fuels is, both economically and environmentally. The best solution to the gas crisis is to end our reliance on gas, by making our homes more energy efficient, replacing our gas boilers with low carbon heating systems and continuing to generate more renewable electricity. We should view the current crisis as an opportunity to accelerate our switch away from gas.”