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Good Energy chief executive Nigel Pocklington

Good Energy’s “core purpose has never been more relevant” says CEO

The core purpose of renewable energy supplier Good Energy has “never been more relevant,” the firm’s CEO said this morning (Tuesday).

Nigel Pocklington was speaking as the Chippenham-based firm published its interim financial results for the first half of 2022.

“The global energy crisis is escalating further. Russia’s stranglehold on gas supplies to Europe has been magnified by further shortages and uncertainty, driving energy prices in the UK to fresh highs,” he said.

“We have been vocal in stating that the only solution in the short term is Government support and demand reduction, with an accelerated roll-out of renewables in the medium to longer term.

“We are now pleased to see the Government take meaningful steps to help customers through winter and beyond.”

The CEO said everyday consumers were having to “pick up the bill” for the failure of multiple suppliers last year.

“(This) only serves to highlight a greater need for renewables to play a vital role in our long-term energy strategy,” he said.

“Not only will a shift to cleaner, local electricity sources cut the UK’s carbon, it will cut the UK’s ties to fossil fuel-driven global markets.

“As a trusted leader in local, decentralised clean power, Good Energy’s core purpose has never been more relevant.”

The firm declared half year revenue of £107.6 million, up 57.4 per cent from last year’s figure of £68.4 million. The growth, said the company, was “driven by significant price rises throughout the year in response to rising wholesale costs.”

Gross profit, meanwhile, decreased by 31.1 per cent to £12.2 million.

The company reported an underlying loss before tax of £0.7 million against a profit of £4.8 million in the first half of 2021, which included a £0.8 million loss in relation to the financial performance of Bristol-based electric vehicle charging service Zap-Map, of which Good Energy owns around half the shares.

Following the recent funding round, Zap-Map will be deconsolidated from full year figure, said the firm.

Overall, said the firm, customer numbers increased by 0.8 per cent to just under 277,000. Domestic customer numbers increased by 2.6 per cent to 87,000 while business customers decreased by 10 per cent to just under 10,000. Feed-in tariff customers remain the bulk of the company’s customer base at 180,000.

And following the sale of its solar and wind farms for £21.2 million in 2021, the company is now “debt free on a net basis.”

The company has a stated ambition to “help one million homes and businesses cut carbon from their energy and transport use by 2025, and supporting the growth of renewable generation.”

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