Gas and electricity supplier Good Energy has seen a sharp increase in profits, as dissatisfied big six customers switch to its services.
The Wiltshire-based firm, which generates all its electricity from renewables, said customer numbers rose 32% in 2013, helping it more than double pre-tax profits to £3.3m.
The listed company remains a minnow in comparison with the big six, which control 95% of the UK’s energy market. But it has been boosted by record numbers of new customers as the government encourages consumers to switch providers in a bid to break the stranglehold of the largest firms.
Good Energy’s strong results were published as it emerged that complaints against energy firms had more than tripled in the first quarter of 2014. Figures released by the energy ombudsman on Monday showed a record 10,638 complaints from January to March.
Juliet Davenport, chief executive and founder of Good Energy, said her firm was winning new customers on the back of increased awareness of energy supply. “This is a debate that is long overdue. People are becoming interested in where their power comes from, how it is generated.”
Good Energy profits rise sharply as dissatisfied big six customers switch