Good Energy loses domestic customers, gains business customers

Good Energy lost 7.7% of its domestic customers in 2020, with numbers falling to  84.9k, although it saw a 1.1% rise in FIT customers to 47.1k. But its increasing focus on business customers bore fruit with a 12.3% increase in business supply customers, to 8.8k, and an 8.8% rise in business FIT customers to reach 130.5k.

The company took a £1.9M hit from reduced demand due to Covid, which typically hit business customers and resulted in lower half-hourly metered volumes, higher grid charges, and the need to sell excess power back to the market at a time of dressed prices. The company also saw a pre-tax loss of £0.3M in its energy as a service business.

The impact of COVID masked an underlying increase in contracted business, the company said. Total revenue increased by 5.1% in the period to £130.6M, driven by business supply volume growth offset by lower domestic supply customers. But pretax  profit fell from £2.1M to £0.4M.

The company will not pay a dividend this year, but promised to return to paying a dividend next year.

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