Renewable energy supplier Good Energy posted a significant increase in profits in 2012, as more customers took advantage of the government’s Feed-In Tariff (FIT) and began generating their own electricity.
Overall, company revenue increased by 31% to £28.2 million, compared with £21.6 million in 2011, while gross profit for 2012 rose by 10% to £9.6 million, compared with £8.7 million the year before.
The success has been attributed to the number of customers migrating to the company from traditional energy suppliers, with 2012 seeing the number of electricity customers increase by 13% to 32,000 and gas customers rising by 58% to 8,500.
According to the company, the attraction of the FIT scheme is proving a major boon, with many customers choosing to generate their own electricity and feed it back into the National Grid, in order to benefit monetarily.
In total, the number of FIT customers increased to over 46,000 in 2012, from just 12,195 in 2011, while the company also has several developments in the pipeline, including around 35MW of onshore wind and up to 200MW of solar.
Juliet Davenport, Chief Executive of Good Energy, said the company has been performing in line with expectations and is successfully delivering on its plans.
This year we achieved significant growth across all customer sites, improved our trading margins and our competitive positioning,” she explained.
“All of these elements underpin our overall commitment to the continued development of a profitable renewable energy company, and a cleaner, green and more secure energy future for the UK.”
Last year, the company was one of the only suppliers to drop its gas prices, which fell by an average of 5% for dual fuel customers after the company was able to reduce running costs.
However, the organisation did end its four-year run of not increasing electricity prices, with an average rise of 9% implemented at the end of the year which the company attributed to the cost of delivering electricity to the home.
Clean and green
In the months ahead, the company has laid out plans to help build the UK’s next generation of energy infrastructure by creating new renewables capacity, which will involve owning and operating more of its own sites will make it easier to keep prices stable in the future.
Overall, the organisation has set a target of building 110MW of new renewable electricity generation capacity by 2016, which it says will power more homes, businesses and communities with clean, green energy, regardless of the weather, while keeping energy bills stable.
Ms Davenport said the company is supplying and buying more renewable electricity than ever before and is “delighted” that more and more customers are switching energy suppliers.
“We’re proud to be offering the high quality of service that they have come to expect. And we’re moving forward with investment in the UK’s next generation of energy infrastructure and the green economy,” she concluded.