Last checked at 2 Dec 2022 15:28
Good Energy Group PLC
("Good Energy" or "the Company")
Trading Update
Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and energy services provider, is pleased to provide the following trading update for the year ending 31 December 2022.
The Company's trading to the end of October has been in line with expectations. Conditions through the early winter have been generally mild and windy, which has reduced domestic gas consumption and softened short term market prices.
Risk management actions taken to manage the volatility experienced in the wholesale energy markets throughout 2022 have been successful to date. If these prevailing market conditions continue for the remainder of the year, Good Energy is confident in delivering in line with the Board's expectations for the full year. The Company is 100% hedged on power and gas for the remainder of this 2022/2023 winter, based on seasonal normal conditions.
Good Energy's balance sheet remains robust with cash and cash equivalents as at the end of October of £21.2m.
Nigel Pocklington, Chief Executive Officer of Good Energy, said:
"Against a challenging market and macroeconomic backdrop, we are pleased to report that we are delivering in line with expectations, remaining substantially debt free with a robust balance sheet. We have also continued to execute on our growth strategy, taking tangible steps to invest in our future and to build out our decentralised energy services, and we remain confident that we will deliver in line with the Board's expectations for the full year.
"Whilst the war in Ukraine and resultant energy crisis remains, demand for clean energy products continues to soar as customers look for way to cut costs and gain control of their energy. Our mission to help one million homes and businesses cut carbon from their energy and transport use by 2025 remains on track."
Enquiries
Good Energy Group PLC Nigel Pocklington, Chief Executive Charlie Parry, Head of Investor Relations & CoSec Luke Bigwood, Head of Communications | Email: press@goodenergy.co.uk
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SEC Newgate UK | Email: GoodEnergy@secnewgate.co.uk |
Elisabeth Cowell / Molly Gretton | Tel: +44 (0)7900 248213 |
Investec Bank plc (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 7597 5970 |
Sara Hale / Jeremy Ellis | |
Tel: +44 (0) 20 7523 4617 | |
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald - O'Connor |
About Good Energy www.goodenergy.co.uk
Good Energy is a generator and supplier of 100% renewable power and an innovator in energy services. It currently owns two wind farms, six solar farms and sources electricity from a community of 1,600 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 support UK households and businesses generate, store and share clean power.
Good Energy is recognised as a leader in this market, through our green kite accreditation with the London Stock Exchange and as the only energy supplier with Gold Standard Uswitch Green Tariff Accreditation for all tariffs.