Launches new REGO service for FIT generators
16/10/2024 07:00
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RNS Number : 2821I Good Energy Group PLC 16 October 2024
16 October 2024
Good Energy Group PLC
("Good Energy" or the "Company")
Launches new REGO service for Feed-in-Tariff generators
Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and
energy services provider, is pleased to announce that it is building on its
support for small scale solar generators by launching a brand new service to
Feed-in-Tariff (FIT) generators to register them for Renewable Energy
Guarantees of Origin (REGOs).
The service will enable FIT microgenerators to be recognised as producing
renewable electricity for the first time since the inception of the scheme in
2010. Good Energy will pay opted-in FIT customers for their REGOs, boosting
their earning potential by up to 9%*.
REGOs are issued by Ofgem to certify that electricity has been produced by a
renewable source. However the process of applying for and managing REGOs is
complex and can be time consuming, making it unsuitable for FIT generators who
are frequently not energy experts. Good Energy has worked with Ofgem to design
a new FIT REGO Boost service which streamlines the registration process for
FIT generators.
FIT REGO Boost, open to participants of the FIT scheme which closed to new
entrants in 2019, is the latest development in Good Energy's offering to
microgenerators. The Company has over 180,000 FiT customers, making it the
largest voluntary administrator of the scheme. Good Energy continues to
innovate in its support for FIT customers, including having switched more than
55,000 FIT customers to smart export. Smart export increases FIT generators'
earning potential to match what they actually share with the grid, rather than
the deemed 50% originally set under the scheme. Good Energy's analysis has
shown that on average, FIT generators share 60% of what they generate back to
the grid.
Together with smart export, FIT REGO Boost paves the way for Good Energy to
match the power its generator customers share to the grid with the customers
it provides energy to in future - a major innovation in decentralised energy.
Nigel Pocklington, CEO of Good Energy said: "Microgeneration has been
historically undervalued in our energy system. Not only has the power small
scale solar generators share back to the grid been underestimated, but schemes
which are available to bigger generators, like REGOs, have not been available
to them.
"On an individual level, this service will help our FIT microgenerators be
rewarded fairly and be recognised for the contribution they are making to the
production of renewable energy. And on a macro-level it will help to better
assess the contribution of microgenerators, make solar generation as
attractive as possible and drive more people to produce their own clean
energy. Small scale, decentralised clean power is essential to achieving net
zero, and Good Energy is committed to making sure that these microgenerators
are rewarded fairly for the vital part they are playing."
Good Energy has been a longstanding critic of the use of REGO certificates by
energy suppliers to greenwash fossil fuel power purchased via the wholesale
market, misleading consumers. It is this particular misuse of REGOs to certify
electricity not purchased from a renewable source that it is critical of,
rather than REGOs themselves.
Kit Dixon, head of policy, Good Energy said: "While the REGO system is
imperfect, it is how generators are certified to be producing renewable
electricity and as such small scale FIT generators have every right to access
to it.
"Change is needed to bring greater transparency and innovation to the market,
ensuring that consumers know that their supplier is genuinely working to
decarbonise electricity use. A small part of this is ensuring that all
renewable generators can access the support to which they are entitled, no
matter their size. This is what our FIT REGO Boost service helps deliver."
Further information on the FIT REGO Boost service is available here
(https://www.goodenergy.co.uk/business/feed-in-tariff-earnings-boost/) and
here (https://www.goodenergy.co.uk/business/insights/fit-rego-boost/) .
*9% earnings boost is based on the average solar PV system generating 2.46MWh
each year, and the average FIT generation tariff of 4.58p/kWh. Based on a
competitive REGO price of £4 per MWh as of today - this is subject to change
in future compliance years but is not subject to change for this compliance
period (5th June 2024 - 31st March 2025)
Enquiries
Good Energy Group PLC
Nigel Pocklington, Chief Executive Email: press@goodenergy.co.uk
Ian McKee, Head of Communications
SEC Newgate UK
Elisabeth Cowell / Molly Gretton Tel: +44 (0)7900 248213
Email: GoodEnergy@secnewgate.co.uk
About Good Energy www.goodenergy.co.uk (http://www.goodenergy.co.uk/)
Good Energy is a supplier of 100% renewable power and an innovator in energy
services. It has long term power purchase agreements with a community of more
than 2,500 independent UK generators.
Since it was founded 25 years ago, the Company has been at the forefront of
the charge towards a cleaner, distributed energy system. Its mission is to
power a cleaner, greener world and make it simple to generate, share, store,
use and travel by clean power. Its ambition is to support one million homes
and businesses to cut carbon from their energy and transport used by 2025.
Good Energy is recognised as a leader in this market, through its B Corp
accreditation, Which? Eco Provider status and Gold Standard Uswitch Green
Tariff Accreditation for all tariffs.
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