28 February 2014
Good Energy Group PLC
("Good Energy" or the "Company")
Good Energy to raise dual fuel bills by 2.2%
Good Energy Group plc ("Good Energy" or "the Group"), the AIM quoted renewable electricity supplier has announced changes to its domestic electricity and gas prices, effective from April 2.
The average dual fuel bill will rise by 2.2% from £1,173 a year to £1,199 - around 50p a week - broadly in line with inflation.
"We don't like having to raise our prices but the good news is, even with a 2.2% increase, our dual fuel tariff is cheaper than the standard tariffs offered by the 'big six' (excluding discounts*)," said Good Energy chief executive and founder, Juliet Davenport OBE.
"We recognise that budgeting for energy bills has become increasingly a matter of concern for consumers and, as such, we have sought to highlight when changes are likely in order to minimise the impact to consumers as far as possible. In addition, with the investment made in our electricity forecasting and trading systems in 2013, we have been able to reduce our average power purchase costs. We have also benefited from the excellent performance of our Delabole Wind Farm.
"These measures have been countered by other external costs we incur in supplying gas and electricity to our customers, which will rise at the beginning of April 2014. These include the costs of electricity transmission, as well as costs associated with renewable electricity energy and smart metering programmes. Additional expenditure has also been required to meet the Regulator's Retail Market Reform (RMR) regulations."
* Good Energy charges customers the same for their electricity and gas regardless of which method of payment they use.
Good Energy Group plc
Juliet Davenport, Chief Executive
Garry Peagam, Group Finance Director
Tel. +44 (0)1249 766 795
N+1 Singer (Nominated Adviser and Broker)
Andrew Craig / Ben Wright
Tel: +44 (0) 20 7496 3000
Notes to editors
· Good Energy is a licensed electricity supplier. It ensures that all of its customers' demand is 100% matched with electricity from renewable sources over the course of 12 months, backed by Renewable Energy Guarantee of Origin certificates (REGOs).
· Good Energy Group plc is listed on the AIM market of the .
· Good Energy has over 40,000 renewable electricity customers and more than 15,000 gas customers (31 Dec 2013). It works with a community of more than 59,000 small and medium scale renewable electricity generators (31 Dec 2013).
· Good Energy is the owner of Delabole Wind Farm, the UK's first commercial wind farm.
· It has targeted the development of 110MW of capacity of new renewable electricity generation assets by 2016.
· Good Energy is a founder member of the Social Stock Exchange.
· Good Energy came joint first in the latest Which? Customer Satisfaction Survey for energy suppliers, and has held first place in 4 of the last 5 years. It won Company of the Year in the British Renewable Energy Awards 2013 and was named as the best green electricity supplier 2013 by the UK's leading ethical and environmental magazine, Ethical Consumer.