REG - Good Energy Group - Trading Update

Good EnergyAnnouncement

02/12/2022 15:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221202:nRSB4923Ia&default-theme=true

RNS Number : 4923I  Good Energy Group PLC  02 December 2022

Good Energy Group PLC

("Good Energy" or "the Company")

Trading Update

Good Energy Group PLC (AIM:  GOOD), the 100% renewable electricity supplier
and energy services provider, is pleased to provide the following trading
update for the year ending 31 December 2022.

The Company's trading to the end of October has been in line with
expectations. Conditions through the early winter have been generally mild and
windy, which has reduced domestic gas consumption and softened short term
market prices.

Risk management actions taken to manage the volatility experienced in the
wholesale energy markets throughout 2022 have been successful to date. If
these prevailing market conditions continue for the remainder of the year,
Good Energy is confident in delivering in line with the Board's expectations
for the full year. The Company is 100% hedged on power and gas for the
remainder of this 2022/2023 winter, based on seasonal normal conditions.

Good Energy's balance sheet remains robust with cash and cash equivalents as
at the end of October of £21.2m.

Nigel Pocklington, Chief Executive Officer of Good Energy, said:

"Against a challenging market and macroeconomic backdrop, we are pleased to
report that we are delivering in line with expectations, remaining
substantially debt free with a robust balance sheet. We have also continued to
execute on our growth strategy, taking tangible steps to invest in our future
and to build out our decentralised energy services, and we remain confident
that we will deliver in line with the Board's expectations for the full year.

"Whilst the war in Ukraine and resultant energy crisis remains, demand for
clean energy products continues to soar as customers look for way to cut costs
and gain control of their energy. Our mission to help one million homes and
businesses cut carbon from their energy and transport use by 2025 remains on
track."

Enquiries

 

 Good Energy Group PLC                                   Email: press@goodenergy.co.uk

 Nigel Pocklington, Chief Executive

 Charlie Parry, Head of Investor Relations & CoSec

 Luke Bigwood, Head of Communications

 SEC Newgate UK                                          Email: GoodEnergy@secnewgate.co.uk
 Elisabeth Cowell / Molly Gretton                        Tel: +44 (0)7900 248213

 Investec Bank plc (Nominated Adviser and Joint Broker)  Tel: +44 (0) 20 7597 5970
 Sara Hale / Jeremy Ellis

                                                         Tel: +44 (0) 20 7523 4617
 Canaccord Genuity Limited (Joint Broker)

 Henry Fitzgerald - O'Connor

 

About Good Energy www.goodenergy.co.uk

 

Good Energy is a generator and supplier of 100% renewable power and an
innovator in energy services. It currently owns two wind farms, six solar
farms and sources electricity from a community of 1,600 independent UK
generators.

 

Since it was founded 20 years ago, the company has been at the forefront of
the charge towards a cleaner, distributed energy system. Its mission is to
support UK households and businesses generate, store and share clean power.

 

Good Energy is recognised as a leader in this market, through our green kite
accreditation with the London Stock Exchange and as the only energy supplier
with Gold Standard Uswitch Green Tariff Accreditation for all tariffs.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTBKBBBPBDDPBK