Good Energy Group PLC Confirmation of Derogation from Price Cap in Q1 19 (9994L)
03 January 2019 - 2:34AM
UK Regulatory
TIDMGOOD
RNS Number : 9994L
Good Energy Group PLC
02 January 2019
Good Energy Group PLC
("Good Energy" or the "Company")
Confirmation of Derogation from Price Cap in Q1 2019
Good Energy Group PLC ("Good Energy" or "the Company"), an
established renewable energy company supplying 100% renewable
electricity and green gas to homes and businesses, and providing
FIT services for renewable generators, makes the following
announcement.
Effective 1(st) January 2019, consumer prices for electricity
and gas supplied through variable tariffs will be capped at rates
set by the energy regulator, OFGEM. The first capped period is
1(st) January 2019 to 31(st) March 2019. OFGEM intends to review
the cap on 1(st) April 2019 and at 6 monthly intervals
thereafter.
As with all its tariffs, Good Energy's variable electricity and
gas tariffs directly support renewable generation across the UK. In
acknowledgement of this, among other factors, OFGEM has agreed that
the price cap will not apply to Good Energy's variable tariffs for
electricity and gas for the first capped period.
Good Energy will continue to work with OFGEM with the aim of
securing confirmation that the price cap will not apply to Good
Energy's variable tariffs for the second and subsequent capped
periods.
At this time, the Good Energy Board considers that market
expectations for the performance of the business remain appropriate
and will provide a further update with the release of the 2018
Preliminary Results in March 2019.
More information about the price cap and Good Energy's
derogation can be found at:
https://www.ofgem.gov.uk/publications-and-updates/decision-issue-good-energy-limited-and-good-energy-gas-limited-temporary-derogation-renewable-standard-variable-tariffs-default-tariff-cap
Enquiries:
Good Energy Group PLC
Juliet Davenport, Chief Executive Tel: +44 (0)1249 766795
Charles Parry, Investor Relations
Investec Bank plc (Nominated Adviser)
Jeremy Ellis Tel: +44 (0) 20 7597 5970
Sara Hale
Alexander Ruffman
Notes to editors:
-- Good Energy is a pioneering clean energy company, powering
the choice of a cleaner, greener future together with its people,
customers and shareholders. Having led the way in renewable energy
development since 1999 in areas including small and larger scale
wind turbines, solar panels, biogen and hydro, and now in
technologies like battery storage and electric vehicles, Good
Energy is making it easier for people and businesses to make
renewable energy part of their lives.
-- Good Energy powers homes and businesses with 100% renewable
electricity from a community of over 1,400 UK generators and owns
and operate two wind farms, including the UK's first commercial
wind farm, and six solar farms. In addition, Good Energy offers a
green gas product which contains 6% biomethane - gas produced here
in the UK from food waste. To make it completely carbon neutral,
emissions from the rest of the gas its customers use is balanced
through supporting verified carbon-reduction schemes in Malawi,
Vietnam and Nepal.
-- Established to tackle climate change and help deliver energy security for the UK.
-- Founded in 1999 by Juliet Davenport OBE.
-- A British company based in Chippenham, Wiltshire.
-- Good Energy's electricity comes from local, natural sources like sunshine, wind and rain.
-- In 2017 Good Energy's generation output was 87.6GWh (2016: 80.7GWh).
-- As at 30 December 2017, Good Energy had over 250,000 domestic and business customers.
Twitter: twitter.com/goodenergy
Facebook: facebook.com/goodenergy.co.uk
Instagram: Instagram.com/GoodEnergy
Website: https://group.goodenergy.co.uk/
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END
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