Good Energy reported a significant rise in profits as its CEO, Nigel Pocklington, criticizes the price cap policy, describing it as a public policy failure.
Good Energy witnessed a 168% increase in pre-tax profit for the first half of the year, taking in £32.7m.
The price cap has been a “terrible public policy failure” which has driven up bills for customers, Good Energy chief executive Nigel Pocklington has warned. following Good Energy’s latest half-year results published this morning, which included a 168 percent boost in pre-tax profit for the first six months of the year.
He added: “Nobody wants to grasp the nettle on retail market reform and whether the price cap works. Nobody wants to grasp the nettle on wholesale market reform at the cost of renewables, and how you make energy cheaper. Nobody wants to go anywhere near a social tariff type concept where you’re using the welfare system rather than energy companies to deal with vulnerability and energy poverty.
The company has posted a 168 percent boost in pre-tax profit for the first six months of trading in 2023, rising year-on-year from £12.2m to £32.7m.
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