Good Energy banks RE records

Revenues at Good Energy increased by 12% to £63.3m in 2015 on the back of record wind and solar generation figures.

The utility today unveiled increases in gross profit, up 13% to £21.3m, and EBITDA, up 28% to £7.3m, in preliminary unaudited results for last year.

Good Energy said a steep fall in pre-tax profit, down to £128,000 from £3.6m in 2014, was “in line with expectations”. The 2014 profit was mainly due to the £3.6m sale of the 50MW West Raynham solar park in Norfolk, it said.

Total generation output was up 83% for the year after the company commissioned four solar farms bringing its installed PV capacity to 30MW. A further 5MW of solar has been added since the financial year end.

The company also said its 9.2MW Delabole wind farm in Cornwall and 8.2MW Hampole wind farm in Yorkshire “exceeded expectations” with combined outputs at 53.2GWh, up 37% on 2014 generation figures.

“Good Energy has seen significant growth during the last 12 months. It has continued to deliver against its strategic business plan – investing in systems and assets, and driving growth across all sectors of its customer base,” said chief executive Juliet Davenport.

“At the same time, the company has demonstrated high levels of flexibility and nimbleness in adapting its business approach to reflect the changes in Government energy policy, successfully delivering growth against this challenging backdrop.

“I’m confident that Good Energy is well placed to continue to deliver on its growth plans, through responding to the needs of the market and adapting to the changes in the energy policy landscape.”

Image: Hampole wind farm (Good Energy)