GOOD ENERGY is pushing forward with its transition from an energy supplier to a wider green lifestyle company, with boss Nigel Pocklington (pictured) arguing that "heavy differentiation" is a clear route to survival in a market increasingly consumed by the Big Six energy firms.

He told City A.M.: "If we return to a cosy oligopoly, then we risk returning to a cosy oligopoly level of service and pricing. So, I do think challenger propositions can survive - but they have to be well run and we need to learn our lessons of the energy crisis. Size isn't everything in this and our focus on deep green consumers and the installation and maintenance of green technologies is giving us a different and differentiated position." Following Octopus' takeover of Bulb, around 90 per cent of the market is in the hands of six suppliers again - giving less room to challenger offerings.

However, Good Energy is looking to stand out from the crowd with its shift from being purely a supplier to a green lifestyle group - helping people transition to net zero and decarbonise their homes.

Pocklington describes this as being a "supply plus" company.

To this end, the supplier invested nearly £5m in electric vehicle mapping service Zap Map last year and snapped up the heat pump and solar installation business Igloo Works three months ago.

The supplier is now pushing to ramp up smart meter installations - adding 13,000 to its customer base over the past 12 months, which make up 47 per cent of its customer's meter points.

His comments came as the FTSE AIM All-Share company yesterday announced its full year results, with the supplier reporting a 10.7 per cent increase in gross profits, with earnings rising from £27m to £29.1m.

Investors took note, with shares bouncing to finish up 18 per cent on the London Stock Exchange.

(c) 2023 City A.M., source Newspaper