Ofgem's Electricity Market Plans

RNS Number : 9312G

Good Energy Group PLC

13 June 2013

 



13 June 2013

Good Energy Group plc

Good Energy welcomes Ofgem plans to open up electricity market to better competition

Good Energy Group plc ("Good Energy" or the "Company"), owner of Good Energy Limited, the 100% renewable electricity supplier, has today commented on the Ofgem announcement which sets out new measures to create a level playing field for independent energy suppliers and producers to compete more effectively with the Big Six*.

The impact of these proposals means that large energy providers and the largest generators must demonstrate their willingness to trade with independent suppliers as part of their supply licence conditions.

Commenting, Juliet Davenport OBE, CEO and founder of Good Energy, said:

"This is a clear signal from the market regulator of its intention to shake up the energy market and drive competition by promoting the interests of independent suppliers. We know that a more competitive market brings better deals for consumers who increasingly look to independent, green providers like Good Energy.

"These proposals should give a broader range of power trading options to Good Energy that will create new opportunities for us to purchase renewable electricity further ahead of time. In the long run, those opportunities should help us in our work to deliver the kind of innovative, price-competitive energy tariffs that our customers have come to expect from us."

Ofgem will require larger suppliers and generators to show that collateral requirements for smaller suppliers buying power are dealt with on a case by case basis, rather than through set conditions.

Those requirements are likely to favour independent suppliers with generation assets. Good Energy is a partially vertically integrated utility and underway to successfully develop 110MW of new generation assets by 2016.

Juliet continued:

"The proposed measures around collateral requirements are a welcome development, as they demonstrate Ofgem's recognition that these are just as important as market liquidity itself.  Our commitment to operating and investing directly in renewable generation assets, as well as sourcing power from independent generators, means that Good Energy is well positioned to benefit from this package of reforms."

For further information, please contact:  

Good Energy Group plc    Juliet Davenport OBE, Chief Executive	01249 766795
N+1 Singer (Nominated Adviser & Broker)  Andrew Craig, Ben Wright	020 7496 3000

* The Big Six suppliers are: British Gas Centrica, EDF Energy, E.ON, RWE Npower, Scottish Power and SSE

Notes to Editors

·     Good Energy Group plc is listed on the AIM market of the London Stock Exchange. For more information please visit: www.goodenergygroup.co.uk 

·     Good Energy is a licensed electricity supplier. It ensures that all their electricity is 100% matched with electricity sourced from renewable energy, backed by Renewable Energy Guarantee of Origin certificates (REGOs) over the course of 12 months. To compare the fuel mix of other suppliers please visit: www.electricityinfo.org/suppliers.php  

·     Good Energy has over 32,000 renewable electricity customers. In 2008, Good Energy added a Gas product to its range. It now has over 8,500 gas customers.

·     Good Energy works with a community of over 46,000 small and medium scale renewable electricity generators.

·     Good Energy is the owner of Delabole Wind Farm, the UK's first commercial wind farm. It has targeted the development of 110MW of capacity of new renewable electricity generation assets by 2016.

·     Good Energy has recently won a number of awards, including:

o  Good Energy has come top in the latest Which? Customer Satisfaction Survey for energy suppliers in 3 of the last 4 years.

o  Juliet Davenport won PLUS markets CEO of the Year in 2009, 2010 and 2012 and Good Energy won the 2012 PLUS markets Investor Communication of the Year.

o  Juliet Davenport named CEO of the Year and overall winner at People and Environment Business Awards 2012.

o  Juliet Davenport named 'First Woman of Retail and Consumer' at First Women Awards 2011.

 

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