Good Energy releases positive annual results

26th April 2010

Good Energy Group PLC (”Good Energy”), the UK’s only dedicated 100% renewable electricity supplier, has announced positive final results for the year ended 31 December 2009, its 10th year of operation. Good Energy Group is quoted on PLUS (Ticker: GEGP).

Financial Highlights:

• Profit before tax up 30% to £662,607
• Operating profit up 37% to £675,336
• Gross profit £5,044,886 (2008: £4,558,195)
• Turnover £18,290,012 (2008: £17,673,909)
• Introduction of dividend programme in prospect for 2010

Business Highlights:

• Further expansion of electricity customer base despite difficult market conditions: Over 26,000 customers (887 new customers since 2008)
• Gas business developing well: Customer numbers doubled in year to 2,675 since launch of ‘renewable heat’ product
• Increased community of generators: 1,079 generators, more than doubled since 2008
• New £12m wind farm at Delabole now funded and construction underway. The repowering of Delabole will see the ten existing turbines replaced with four modern, more powerful, turbines, increase the wind farm’s output by roughly two and a half times, enough to supply over 7,800 homes
• Recognition through a series of industry awards and accolades for products, staff, and management, including Sunday Times Green Company 2009 and West of England Business of the Year 2009

Juliet Davenport, Good Energy’s CEO, said: “All in all, it’s been a busy year for Good Energy Group. We now have more than 26,000 customers supporting our community of over 1000 independent renewable generators. The company has matured significantly, investing in both systems and staff to ensure that our customers not only get Good Energy’s 100% renewable electricity, but great customer service from people who really understand renewable energy. We’ve also seen some significant government announcements on Green Accreditation, Feed-in Tariffs and Renewable Heat Incentives, all of which are potentially beneficial for our business.”

Commenting on the Group’s generation business following the successful completion of the funding for the new wind farm at Delabole, she added: “We are now investigating the further development of small to medium-sized wind farms to supply energy to Good Energy Ltd, using our specialist knowledge of how to engage with local communities. We hope to contribute to government policy around this subject and demonstrate how the UK can shorten the time taken to establish new renewable generation capacity.”

John Sellers, Group Chairman, said: “We have the basic assets for success – loyal and passionate customers, a growing marketplace, legislative changes playing to our strengths, a tremendous product and a great team operating the business. Importantly, we also have a loyal body of supportive shareholders, and we feel our actual and prospective financial performance now supports a dividend programme which we expect to introduce later in 2010.”

Please click here to read the full report

About Good Energy Group plc:

• Good Energy Group PLC has c 1,700 shareholders. Its shares are traded on PLUS Markets and are bound by their regulations. For more information please visit www.goodenergygroup.co