Good Energy reports solid recent progress
By Josh White
Date: Monday 13 Nov 2023
(Sharecast News) - Renewable electricity supplier and energy services specialist Good Energy Group updated the market on its recent progress on Monday, having launched its new 'Solar Savings' smart export tariff in October, which rewards households generating clean power with an increased rate of 15p per kWh.
The AIM-traded firm said that represented a 50% boost from the initial rate of 10p per kWh introduced earlier in the year.
It said it aimed to establish itself as the UK's go-to provider for solar services and plans to double the export earnings of feed-in tariff (FiT) customers.
To access Solar Savings, households would need to switch to, or already be on, Good Energy's standard variable tariff (SVT).
An enhanced rate of 20p per kWh is available for customers with a solar installation through Good Energy's subsidiary, Wessex ECO Energy.
Good Energy said it was also working on reform in renewable certification by launching time-based energy matching for its business customers.
The service provides 24-hour 'carbon-free energy' (CFE) data, allowing larger business customers to track and adjust their energy consumption to reduce their carbon footprint.
It said the approach improved unit-based standards like the Renewable Energy Guarantee of Origin (REGO) scheme, adding that it was the first supplier in the UK to offer such a service to all business customers.
The company said it serves around a quarter of a terawatt-hour of electricity to its business customers annually and was collaborating with software provider Granular Energy to match their usage with 400 renewable generators across the UK.
That initiative would be expanded to cover Good Energy's entire generator network of over 2,000 in the next year, potentially significantly impacting decarbonisation strategies for those businesses.
To support the National Grid's 'Demand Flexibility Service' for the 2023-2024 winter period, Good Energy was introducing the 'Power Pause' programme for domestic supply customers.
The board said that would encourage customers with smart meters to reduce or shift their energy consumption during peak periods, avoiding polluting and expensive backup generators, with participants rewarded with energy bill credits.
Good Energy also addressed the growing demand for electric vehicles (EVs) with its 'Good Energy Standard (Smart EV)' tariff, launched in November.
The tariff offers an off-peak rate of 9.41p per kWh from midnight to 0459, making it one of the lowest rates on the market.
Peak rates varied by region, starting at 34.63p per kWh, with customers with smart meters able to access the off-peak rates with free installation provided by the company.
To promote the new tariff, Good Energy said it was collaborating with Zapmap, in which it holds a 49.9% ownership stake and which has over 700,000 registered users.
Zapmap also recently introduced a new API, 'Zapmap Spark', enabling companies to offer EV-centric features such as charge point location searches, EV route planning, and digital payments for charging sessions through a single integration.
Numerous companies were expected to integrate with Zapmap Spark in the coming weeks and months.
"Today's update illustrates the hard work we have been doing to develop a new suite of services that can enable, incentivise and accelerate the UK's transition to clean energy," said chief executive officer Nigel Pocklington.
"Good Energy is providing industry-leading products across solar, EV and smart tariffs, in addition to our end-to-end hassle free heat pump installation services."
Pocklington noted that the company recently confirmed it was the top-rated Which? Eco Provider for the third year running and retained its five-star customer service rating on TrustPilot.
"This is confirmation that Good Energy provides the greenest products with excellent service at prices that are market leading, truly helping our customers cut their carbon."
At 1330 GMT, shares in Good Energy Group were up 9.74% at 293p.
Reporting by Josh White for Sharecast.com.
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