Good Energy shareholders pull the plug on Ecotricity’s latest challenge

Wind turbines

Shareholders have pulled the plug on the latest challenge against Chippenham-based renewable energy supplier Good Energy by its Stroud-based green power rival Ecotricity.

As reported in January, Ecotricity made moves to oust the chairman of Good Energy as a director, and to reverse a decision by Good Energy sell its electricity-generating assets.

A general meeting was requisitioned and held in London on Friday (February 11).

The resolution to remove William Whitehorn from office as a director of Good Energy was won by the company by 58.3 per cent against 41.7 per cent on a shareholder turnout of 65.5 per cent.

The second resolution, to direct the board not to dispose of the company’s generation assets without shareholder approval, was won the Good Energy by 57.2 per cent against 42.8 per cent on a voter turnout of 64.9 per cent.

Good Energy was quick to point out that Ecotricity, which owns a 25.1 per cent stake in its rival, used its entire shareholding – 4,201,071 shares – in favour of the motions it had tabled.

If the results are calculated excluding the votes cast by Ecotricity, the result was 94.4 per cent to 5.6 per cent on the first resolution, and 93.2 per cent to 6.8 per cent on the second.

Good Energy announced on January 20 that it had agreed to sell its wind and solar farms to Bluefield Partners LLP for £24.5 million.

The Chippenham company had revealed its intention in November to pivot from energy generator to services supplier, with CEO Nigel Pocklington saying the firm’s 20-year “job is done” as a producer of renewable energy.