Nigel Pocklington, CEO of Good Energy, claimed that price regulation introduced by the UK government had led to an increase in energy bills for customers. Pocklington criticized the regulated price as a “terrible failure of public policy” and pointed out that it had cost consumers more money. He also highlighted the lack of urgency in the government’s approach to the energy market and its failure to follow up on Ofgem’s reforms.
Good Energy, a renewable energy company, reported a 168% rise in pre-tax profits to £32.7m for the first half. In addition to its financial success, the company has expanded its services and acquired WessexECO Energy, a solar panel company.
Pocklington stressed the need for reforms in the energy sector, including tackling rising bad debts, setting renewable energy-only prices and supporting vulnerable customers through winter. He also mentioned the possibility of introducing a social tariff system using the welfare system to combat energy poverty.
Regulated pricing has been a controversial topic in the industry. Some energy company bosses called for its abolition, while others said it was crucial to protecting customers from high energy bills. Ofgem recently consulted on the possibility of introducing a social tariff, but any changes would require legislative action from the government.
Despite these concerns, Good Energy’s financial performance has been strong, driven by rising tariffs and cost recovery following the industry crisis. The company plans to focus on renewable services and has already made acquisitions in the solar panel sector.