Good Energy Group PLC Customer service technology platform agreement (2103P)
09 October 2019 - 5:01PM
UK Regulatory
TIDMGOOD
RNS Number : 2103P
Good Energy Group PLC
09 October 2019
Good Energy Group PLC
("Good Energy" or "the Company")
Customer service technology platform agreement with Octopus
Group
Good Energy Group PLC, the 100% renewable electricity supplier
and innovative energy services provider, today announces an
agreement with Kraken Technologies Ltd, part of Octopus Group for
the provision of a new customer services technology platform.
Investing for Growth
The Kraken system implementation and associated operating model
transformation is expected to drive operating cost savings,
customer experience benefits and future growth. This will enable
more customers to access competitively positioned clean energy and
technology services from Good Energy, the energy supplier Which?
recently gave its highest green rating. It will enable more people
and more businesses to reduce their carbon footprint, at a time
when consumers want to take action to combat the climate
crisis.
This agreement is in line with the Company's strategic goals of
lowering customer acquisition cost, improving customer retention
and increasing overall customer lifetime value through an improved
offering of products and services.
Total forecast investment of GBP4m will be split approximately
equally between cash and non-cash elements. Operating cost savings
are expected to achieve payback of the forecast investment within
18 months of the April 2020 full implementation.
It is anticipated that the write down of existing systems and
the cash investment into implementation and transition will be
taken across 2019 and H1 2020 while relevant transformation
provisions will be taken in 2019. These impacts will be highlighted
in subsequent financial reporting.
Enhanced scalability and operational efficiencies
Expected efficiency savings will be reinvested across the
business. This will enhance existing products, services and
competitiveness. The new platform will provide significant
scalability and flexibility. It will enable digital and clean
technology innovation of significant benefit to customers.
The agreement is in the form of an implementation and transition
agreement and service contract for an initial term of three years.
Full implementation and associated costs of the contract are
subject to successful implementation and integration.
Juliet Davenport, Founder and Chief Executive Officer of Good
Energy, said:
"Good Energy is recognised by Which? as the UK's most highly
rated energy company for renewables. Kraken Technologies has
developed a proven best in class customer services platform. This
powerful combination of deep renewables expertise and customer
friendly technology, will help us to realise our growth ambitions.
We will provide additional clean energy services to the growing
number of homes and businesses who want to harness the power of
renewables and clean technology, to make a difference to the
quality of their lives, businesses and our planet."
Enquiries:
Good Energy Group PLC Via Walbrook PR
Juliet Davenport, Chief Executive
Charles Parry, Investor Relations
Investec Bank plc (Nominated Tel: +44 (0) 20 7597 5970
Adviser)
Jeremy Ellis
Sara Hale
Walbrook (Financial PR) Tel: +44 (0) 20 7933 8794
Nick Rome
Tom Cooper
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy was founded in 1999 by Juliet Davenport OBE with the
ambition to tackle climate change by generating and investing in
renewable energy. Its purpose is to power the choice of a cleaner,
greener future together with its customers, employees and
investors.
Since it started, the company has been supplying clean power,
sourced from its own generation assets as well as from independent,
UK-based renewable generators. Good Energy also pioneered a more
localised approach to energy by supporting home generation,
launching the HomeGen scheme in 2004, which became the blueprint
for the Feed-in Tariff.
Today, it continues to support and invest in localised energy
generation, as the only UK energy company with more home-generation
customers than supply. From using digital innovation to help UK
households and businesses manage their energy usage more
efficiently, to empowering more people to generate, store and share
clean power, it is leading the charge towards a cleaner,
distributed energy system.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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