Good Energy has announced plans to install new billing systems in 2016 and launch a new ‘green gas’ product in April. The company said it is targeting a five-fold increase in customer accounts to reach 900,000 at 31 December 2020, up from 176,500 at June 2015.
In its results for the year to 31 December 2015 the company said electricity, gas and feed-in tariff administration customer numbers were all growing. Electricity customer numbers had risen by 32% to 68,000, providing revenues of £3.6 million and profit of £9.7 million, but that included £1 million in Levy Exemption Certificate sales that it had bought forward. Gas customer numbers rose by 55% to 38,800, with revenue of £11.6 million and profit of £2.5 million. The biggest rise in customers was in FIT administration, where customer numbers rose 48% to 112,600, with profit of £925,000 on revenue of £2.5 million.
Within those numbers, business sales revenue grew 30% and business customers are a particular focus for the company going forward. The number of business sites supplied almost doubled, while the amount of power delivered to business customers grew by more than 52%.
Good Energy has switched its electricity generation strategy from solar farms – it started up four in 2015 and another since, and it now has seven in operation totaling 35MW. It has three more in the pipeline, but said it will “review its ongoing strategy on asset development in light of the government’s review of renewable energy policy”. It has two wind farms in operation and two in the pipeline, and it is focusing on wind farm development in the short term and in hydro and tidal power in the long term. It has written off £575,000 of “early-stage development costs on a number of small sites which are now unable to progress” and it will reduce the size of the development team.
Overall pre-tax profit was £128,000.