Good Energy announces profit boost

Good Energy has driven up its supply of independent renewables energy generators and boosted profits, according to figures out this week.

Figures for operating and financial results for the year ended December 31 2010, showed gross profit up to £6.4 million from £5 million in 2009.

Revenue was also up from 18.2 million in 2009 to more than £20 million for the same period in 2010.

The energy firm, which claims to be the only 100% renewable energy provider in the UK, made good profits while also investing £11.8 million in its wind farm at Delabole in Cornwall.

The deal involved £9.6 million in debt finance from the Co-operative Bank and £2.2 million equity from Good Energy.

Good Energy’s results at a glance:

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Good Energy chief executive, Juliet Davenport: “The successful completion of the new Delabole wind farm means it should now supply around 20% of our electricity and gives us better control over pricing, and more wind farm developments will be a key part of our future strategy.

“Thanks to the new Feed-in Tariff (FITs), which really plays to our strengths, our community of independent generators has increased by 70% in a year.

“The strategic decision to focus on improving our trading systems also stood us in good stead for 2010 which is reflected in the improvement in both our financial results and our competitive position compared with previous years.”

According to the firm almost 30,000 gas and electricity accounts across the UK have switched to Good Energy last year.

Luke Walsh

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