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.”