Good Energy believes its growth will increasingly come from the business market, with energy services the future of its business model.
Posting unaudited full year 2018 results, the company said overall business customer numbers grew by 4.6% to 122,210, though most of these – 115,773 – are Fits customers. However, SME business energy supply customer numbers increased 39.8% to 6,347. Domestic customers fell by 3.4%.
Good Energy plans to begin its smart meter rollout this year, using Smets2 meters and eschewing in-home displays for apps on customer’s phones. The company said it would also invest battery storage and electric vehicles in 2019, following its framework agreements with Belectric and Powerstar and recent investment in Zap-Map.
The company hopes to deliver fully funded, behind-the-meter storage solutions to business customers. Meanwhile, it hopes to create a peer-to-peer or ‘energy sharing’ model for domestic customers, which combines aspects such as rooftop PV, smart energy management and electric vehicles.
“Your home can become a miniature power station, with the right equipment in place,” said CEO Juliet Davenport.
On revenues of £116.9m, Good Energy posted a profit of £865,000 versus a £2.7m loss in 2017.
See details here.