Good Energy unveils new products to accelerate clean energy transition

11:15, 13th November 2023
Lauren Gibbons
Vox Newswire

Good Energy Group(GOODFollow | GOOD, a renewable electricity supplier, updated markets on 5 recent product launches, each aligning with its aim to accelerate the UK’s clean energy transition.

In October, Good Energy launched its Solar Savings smart export tariff, offering households generating clean power a rate of 15p/kWh, a 50% increase from the previous 10p/kWh, aligning with Good Energy's ambition to be the leading solar services provider in the UK.

Additionally, the company has introduced time-based energy matching for business customers, offering 24-hour 'carbon-free energy' data to help track usage and lower carbon impact. This initiative is a departure from unit-based standards like the Renewable Energy Guarantee of Origin (REGO) scheme, and is gaining traction globally. Good Energy is the first UK supplier to extend this service to all business customers. 

The company also participates in the National Grid's 'Demand Flexibility Service' with the 'Power Pause' program for domestic supply customers, encouraging energy consumption reduction during peak periods. 

Furthermore, Good Energy addresses the growing electric vehicle market with the Good Energy Standard (Smart EV) tariff, offering competitive rates and promoting it through Zapmap, a 49.9%-owned EV charging app. Zapmap has launched an API, enabling businesses to integrate EV-centric features seamlessly.

Nigel Pocklington, Chief Executive Officer of Good Energy, said: "Today's update illustrates the hard work we have been doing to develop a new suite of services that can enable, incentivise and accelerate the UK's transition to clean energy.

"Good Energy is providing industry-leading products across solar, EV and smart tariffs, in addition to our end-to-end hassle free heat pump installation services. We have recently confirmed that we are the top rated Which? Eco Provider for the third year running and are retaining our five star customer service rating on TrustPilot. This is confirmation that Good Energy provides the greenest products with excellent service at prices that are market leading, truly helping our customers cut their carbon."

View from Vox

Good Energy is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with a community of over 2,000 independent UK generators.

Good Energy’s products and services are well aligned to help homes contribute to net zero targets. The company provides renewable electricity as well as biogas, which is produced by processing organic matter such as leftover food and agricultural waste in an anaerobic digester. Both energy sources are carbon neutral.

Financially, revenue increased in H1 2023 by 45.6% to £156.1 million, driven by increased wholesale costs leading to price hikes. Gross profit rose by 168% to £32.7 million, creating a higher margin of 20.9%. Cash and cash equivalents stood at £34.9 million, reflecting strong H1 profitability and effective working capital management, up from £24.5 million in FY22.

GOOD shares jumped 6.7% on today's announcement.

Stock Chart | GOOD

Follow Good Energy for more News and Updates: Follow | GOOD


Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Recent Articles