(Bloomberg) --

The UK’s Octopus Energy Ltd has joined the bidding for customers of Bulb Energy Ltd, an electricity supplier that collapsed last year and became the first British company forced to nationalize since the 2008 banking crisis, according to a person familiar with the matter.

Ovo Energy Ltd, another U.K. energy supplier, is weighing a bid, according to a seperate person close to the talks. The people asked not to be named because the matter is private.

Bulb was put into special administration last year leaving about 1.6 million customers needing a new energy supplier. It was the biggest of more than two dozen British companies that have gone bust in the past year after surging gas prices exposed firms that weren’t protected by buying energy in advance. 

The government stepped in and appointed Teneo Inc., to run the company using £2.2 billion ($2.7 billion) of taxpayer money until a buyer can be found. Centrica Plc and Abu Dhabi’s Mubadala Investment Co.-owned Masdar are the only other two companies reported to be bidding for customers in the process.

Britain Faces Another Energy Shock as Bills Set to Surge 42%

The winner of Bulb’s customers will land a big chunk of market share. Centrica is already the biggest supplier in the market, while Octopus is the fifth biggest.

UK Business Secretary Kwasi Kwarteng said last month he’s confident that a buyer can be found for the energy supplier and that the government doesn’t intend to run the company in the long-term.

Customers of most of the failed UK power suppliers have been transferred to new companies, which is putting extra pressure to bills that are already at record high levels and predicted to climb even higher in October.

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