Good Energy Group PLC Clean energy services update (1081T)

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RNS Number : 1081T

Good Energy Group PLC

13 November 2023

13 November 2023

Good Energy Group PLC

("Good Energy" or "the Company")

Clean energy services update

Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and energy services provider, has launched a number of new innovative products as it continues to scale its offering.

Scaling solar services

In October, Good Energy launched its new smart export tariff. Open to all households generating their own clean power, Solar Savings offers rewards for the electricity customers share. The Company is now offering a rate of 15p per kWh - a 50% increase on the previous rate of 10p per kWh delivered under the pilot of the tariff which launched earlier this year.

The new product is a step towards Good Energy's ambition to be the UK's go-to company for solar services. As the country's second largest administrator of the Feed-in Tariff, the precursor to smart export tariffs, it is already a significant player in this market and has an engaged existing customer base. Solar Savings will more than double the export earnings of Feed-in Tariff (FiT) customers.

Households looking to switch to Solar Savings must also switch to or already be supplied by Good Energy on the Company's Standard Variable Tariff (SVT). A further enhanced rate of 20p/kWh is being offered to customers who have had a solar installation through Good Energy's subsidiary Wessex ECO Energy and are on Good Energy's SVT. This is the best flat rate smart export tariff currently available on the market.

Leading renewable certification reform

The Company has launched time-based energy matching for all of its business customers. The new service provides Good Energy customers with 24-hour 'carbon-free energy' (CFE) data which means that larger business customers will be able to track their usage to inform how they shift their energy demand and consequentially lower their carbon impact.

Time-based energy matching is a solution to more accurately certify renewable energy generation and usage than the current unit based standards like the Renewable Energy Guarantee of Origin (REGO) scheme in the UK. It has gained significant traction globally with the likes of Google adopting CFE and the UN creating a 24/7 Carbon-free Energy Compact. Good Energy is the first supplier in the UK if not globally to offer the service to all business customers, taking an industry leading position.

Combined, Good Energy's business customers use around a quarter of a terawatt hour of electricity in a year. The new service could have a material impact on their decarbonisation strategies.

The Company is working with software provider Granular Energy to match its business customers' usage with 400 renewable generators across the UK. Good Energy plans to increase this figure to its entire generator network of over 2,000 in the next 12 months.

Domestic flexibility

Good Energy is joining the National Grid's 'Demand Flexibility Service' for the winter 23/24 period with its new 'Power Pause' programme available to domestic supply customers. The scheme reduces pressure during busy periods to avoid the grid switching on back-up generators using polluting and expensive fossil fuels. Participating customers who reduce or shift their consumption during the identified periods will be rewarded with a credit on their energy bills. Good Energy's 'Power Pause' will be available to customers with a smart meter providing half-hourly readings.

Cheaper charging for EV drivers

In November Good Energy launched a new tariff to support the rapid growth of electric vehicles. The Good Energy Standard (Smart EV) tariff offers an off-peak rate of 9.41p/kWh, among the lowest on the market, from midnight until 4.59am. Peak rates start at 34.63p/kWh and vary by region. Customers will need to have a smart meter to access the off-peak rates, for which the Company can arrange free installation.

The new tariff will be promoted to the rapidly growing audience of EV drivers using Zapmap. The 49.9% Good Energy owned EV charging app and data company now has over 700,000 registered users.

Zapmap Spark

Zapmap has launched a new API offering which will enable companies to provide a suite of EV-centric features through a single integration. Businesses and their customers with EVs will gain access to Search API, Plan API and Pay API respectively. These capabilities include showing charge point locations across the country, EV route planning, and digital payments for charging sessions - covering 95 per cent of UK public charge points, route planning and cross-network digital payments. A number of companies are soon to experience the benefits of integrating with Zapmap Spark, with more announcements and integrations with Zapmap's latest offering expected over the coming weeks and months.

Nigel Pocklington, Chief Executive Officer of Good Energy, said: " 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.

"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. We have recently confirmed that we are the top rated Which? Eco Provider for the third year running and are retaining our 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."

Enquiries

 
Good Energy Group PLC 
 Nigel Pocklington, Chief Executive 
 Charlie Parry, Director of Corporate 
 Strategy & Investor Relations 
 Ian McKee, Head of Communications         Email: [e-mail] 
 
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Elisabeth Cowell / Molly Gretton           Tel: [phone] 
 
Investec Bank plc (Nominated Adviser 
 and Joint Broker) 
Henry Reast / James Rudd / Maria Gomez 
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Canaccord Genuity Limited (Joint Broker) 
 Henry Fitzgerald - O'Connor / Harry Rees   Tel: [phone] 
 

About Good Energy www.goodenergy.co.uk

Good Energy is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with a community of over 2,000 independent UK generators.

Since it was founded 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to power a cleaner, greener world and make it simple to generate, share, store, use and travel by clean power. Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.

Good Energy is recognised as a leader in this market, through green kite accreditation with the London Stock Exchange, Which? Eco Provider status and Gold Standard Uswitch Green Tariff Accreditation for all tariffs.

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November 13, 2023 02:00 ET (07:00 GMT)