'100 per cent' renewable energy company bucks sector trend with electric vehicle boom
A sustainable energy firm has announced there is to be no change to its full year expectations despite “short-term volatility” in the market.
Good Energy plc, intends to capitalise on the increasing electric vehicle market. According to the firm, one in seven cars sold in the UK is electric and the firm is poised to exploit this following investments made on electric vehicle products and services.
Nigel Pocklington, chief executive officer of Good Energy, said: “Despite the recent volatility in wholesale energy prices, we remain positive on the long-term opportunity in our chosen markets. Recent electric vehicle sales data proves the acceleration of adoption and reinforces the scale of opportunity for Good Energy in this market.”
He continued: “The challenges within the UK energy sector have been well documented, but - with 20 years’ experience - we remain differentiated through strong governance, a prudent approach to risk management and a genuinely differentiated green product.”
Good Energy plc is over 90 per cent hedged for the next 12 months which limits exposure to the current price volatility in the UK domestic energy market.
However, the business, like the sector at large given recent supplier exits, remains subject to a higher level of market risk.
The firm’s 47.5MW generation portfolio powers approximately 15% of its customer base and reportedly, continue to “steer clear of the price war in the domestic supply market” and has limited reliance on price comparison sites.
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