Good Energy unveils heavy hedging strategy

The energy supplier reported an increase in revenue which jumped to £107.6 million in the first half of the year

Good Energy is well hedged for the coming winter months.

Revealing its half-yearly results, the company has said its supply business is well hedged for this winter having “incrementally hedged” throughout the year, a strategy that will continue next year.

The energy firm’s revenue increased by 57.4% to £107.6 million driven by price rises in response to rising wholesale costs.

As the funds were allocated towards boosting supplies, Good Energy posted a loss of £0.7 million for the first six months of the year.

Nigel Pocklington, Chief Executive Officer of Good Energy, said: “Over the past 12 months, the rising cost of energy, multiple supplier failures and everyday consumers having to pick up the bill only serves to highlight a greater need for renewables to play a vital role in our long-term energy strategy.

“Not only will a shift to cleaner, local electricity sources cut the UK’s carbon, it will cut the UK’s ties to fossil fuel driven global markets.”

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