Good Energy Group PLC
("Good Energy" or "the Company")
Customer service technology platform agreement with Octopus Group
Good Energy Group PLC, the 100% renewable electricity supplier and innovative energy services provider, today announces an agreement with Kraken Technologies Ltd, part of Octopus Group for the provision of a new customer services technology platform.
Investing for Growth
The Kraken system implementation and associated operating model transformation is expected to drive operating cost savings, customer experience benefits and future growth. This will enable more customers to access competitively positioned clean energy and technology services from Good Energy, the energy supplier Which? recently gave its highest green rating. It will enable more people and more businesses to reduce their carbon footprint, at a time when consumers want to take action to combat the climate crisis.
This agreement is in line with the Company's strategic goals of lowering customer acquisition cost, improving customer retention and increasing overall customer lifetime value through an improved offering of products and services.
Total forecast investment of £4m will be split approximately equally between cash and non-cash elements. Operating cost savings are expected to achieve payback of the forecast investment within 18 months of the April 2020 full implementation.
It is anticipated that the write down of existing systems and the cash investment into implementation and transition will be taken across 2019 and H1 2020 while relevant transformation provisions will be taken in 2019. These impacts will be highlighted in subsequent financial reporting.
Enhanced scalability and operational efficiencies
Expected efficiency savings will be reinvested across the business. This will enhance existing products, services and competitiveness. The new platform will provide significant scalability and flexibility. It will enable digital and clean technology innovation of significant benefit to customers.
The agreement is in the form of an implementation and transition agreement and service contract for an initial term of three years. Full implementation and associated costs of the contract are subject to successful implementation and integration.
Juliet Davenport, Founder and Chief Executive Officer of Good Energy, said:
"Good Energy is recognised by Which? as the UK's most highly rated energy company for renewables. Kraken Technologies has developed a proven best in class customer services platform. This powerful combination of deep renewables expertise and customer friendly technology, will help us to realise our growth ambitions. We will provide additional clean energy services to the growing number of homes and businesses who want to harness the power of renewables and clean technology, to make a difference to the quality of their lives, businesses and our planet."
Good Energy Group PLC
Juliet Davenport, Chief Executive
Charles Parry, Investor Relations
Via Walbrook PR
Investec Bank plc (Nominated Adviser)
Tel: +44 (0) 20 7597 5970
Walbrook (Financial PR)
Tel: +44 (0) 20 7933 8794
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy was founded in 1999 by Juliet Davenport OBE with the ambition to tackle climate change by generating and investing in renewable energy. Its purpose is to power the choice of a cleaner, greener future together with its customers, employees and investors.
Since it started, the company has been supplying clean power, sourced from its own generation assets as well as from independent, UK-based renewable generators. Good Energy also pioneered a more localised approach to energy by supporting home generation, launching the HomeGen scheme in 2004, which became the blueprint for the Feed-in Tariff.
Today, it continues to support and invest in localised energy generation, as the only UK energy company with more home-generation customers than supply. From using digital innovation to help UK households and businesses manage their energy usage more efficiently, to empowering more people to generate, store and share clean power, it is leading the charge towards a cleaner, distributed energy system.