Increased business volumes and FIT growth have helped Good Energy achieve a 39 per cent increase in earnings before interest, tax, depreciaton and amortisation (EBITDA).
Announcing its unaudited annual results for the year ending 31 December 2016, the renewable energy supplier said company growth was due to increased business volumes and FIT growth, with lower domestic electricity and gas numbers, as the it reduced marketing activity in the second half of the year as it implemented its new customer information and billing system.
The company’s chief executive, Juliet Davenport, said: “In 2016, Good Energy delivered growth of 41% in revenue, 29% growth in gross profit and 41% growth in operating profit while managing the challenges of an increasing competitive UK energy market and volatile wholesale energy market.”
Davenport said the company had recently completed a strategic review of leadership structure, which will mean that David Brooks, currently managing director of supply, will leave Good Energy in April.
The company also announced a new deal to procure 105GWh or 12% of the annual output of the 210MW Westermost Rough Wind Farm operated by the Dong Energy. The deal has been signed for an initial period of 12 months. Søren Scherfig, head of trading and portfolio management at Dong, said: “This agreement with Good Energy is an important milestone as it’s the first time a domestic supplier in the UK will buy energy from a specific Dong Energy offshore wind farm.”
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