ONE of the UK's biggest energy firms is on the brink of collapse.

Bulb, which is the seventh biggest energy supplier in the country, is involved in last-minute talks with the government, but there are fears the company could go under.

Sky News reported on Monday morning how the company, which has more than 1.7 million customers, is being asked to repay a £50million loan from Sequoia Economic Infrastructure Fund.

Bulb is the largest energy company so far to be facing insolvency, with around 20 other smaller suppliers collapsing in the last couple of months.

If the company does collapse, it is expected 1,000 jobs will be at risk.

Last week, two more energy companies collapsed as soaring prices continue to affect the industry.

Energy regulator Ofgem said Neon Reef Limited and Social Energy Supply Ltd confirmed they are ceasing to trade.

Neon Reef supplies around 30,000 domestic electricity customers while Social Energy has around 5,500 domestic customers.

It means more than 20 suppliers have failed since the start of September as rocketing gas prices weigh further on smaller firms.

Neil Lawrence, director of retail at Ofgem, said: “Ofgem’s number one priority is to protect customers.

“We know this is a worrying time for many people and news of a supplier going out of business can be unsettling.

“I want to reassure affected customers that they do not need to worry – under our safety net we’ll make sure your energy supplies continue.

“Ofgem will choose a new supplier for you and while we are doing this our advice is to wait until we appoint a new supplier and do not switch in the meantime.

“You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your tariff.”