Good Energy Group PLC
("Good Energy" or the "Company")
Confirmation of Derogation from Price Cap in Q1 2019
Good Energy Group PLC ("Good Energy" or "the Company"), an established renewable energy company supplying 100% renewable electricity and green gas to homes and businesses, and providing FIT services for renewable generators, makes the following announcement.
Effective 1st January 2019, consumer prices for electricity and gas supplied through variable tariffs will be capped at rates set by the energy regulator, OFGEM. The first capped period is 1st January 2019 to 31st March 2019. OFGEM intends to review the cap on 1st April 2019 and at 6 monthly intervals thereafter.
As with all its tariffs, Good Energy's variable electricity and gas tariffs directly support renewable generation across the UK. In acknowledgement of this, among other factors, OFGEM has agreed that the price cap will not apply to Good Energy's variable tariffs for electricity and gas for the first capped period.
Good Energy will continue to work with OFGEM with the aim of securing confirmation that the price cap will not apply to Good Energy's variable tariffs for the second and subsequent capped periods.
At this time, the Good Energy Board considers that market expectations for the performance of the business remain appropriate and will provide a further update with the release of the 2018 Preliminary Results in March 2019.
More information about the price cap and Good Energy's derogation can be found at: https://www.ofgem.gov.uk/publications-and-updates/decision-issue-good-energy-limited-and-good-energy-gas-limited-temporary-derogation-renewable-standard-variable-tariffs-default-tariff-cap
Good Energy Group PLC
Juliet Davenport, Chief Executive Tel: +44 (0)1249 766795
Charles Parry, Investor Relations
Investec Bank plc (Nominated Adviser)
Jeremy Ellis Tel: +44 (0) 20 7597 5970
Notes to editors:
· Good Energy is a pioneering clean energy company, powering the choice of a cleaner, greener future together with its people, customers and shareholders. Having led the way in renewable energy development since 1999 in areas including small and larger scale wind turbines, solar panels, biogen and hydro, and now in technologies like battery storage and electric vehicles, Good Energy is making it easier for people and businesses to make renewable energy part of their lives.
· Good Energy powers homes and businesses with 100% renewable electricity from a community of over 1,400 UK generators and owns and operate two wind farms, including the UK's first commercial wind farm, and six solar farms. In addition, Good Energy offers a green gas product which contains 6% biomethane - gas produced here in the UK from food waste. To make it completely carbon neutral, emissions from the rest of the gas its customers use is balanced through supporting verified carbon-reduction schemes in Malawi, Vietnam and Nepal.
· Established to tackle climate change and help deliver energy security for the UK.
· Founded in 1999 by Juliet Davenport OBE.
· A British company based in Chippenham, Wiltshire.
· Good Energy's electricity comes from local, natural sources like sunshine, wind and rain.
· In 2017 Good Energy's generation output was 87.6GWh (2016: 80.7GWh).
· As at 30 December 2017, Good Energy had over 250,000 domestic and business customers.