Stroud-based green energy company Ecotricity has reported a sharp rise in profits.
Despite a fall in customer numbers, profits rose to nearly £176 million in 2018, up from £126 million in 2017. The company says the increase is mainly due to strong trading performance in the electricity and supply business and was also assisted by higher wind volumes in its generating portfolio.
Ecotricity says it has a unique model for business which uses customers’ energy bills to fund the building of new sources of green energy – such as windmills or solar.
Business customer volume grew year on year by 62%. The company says this growth was primarily due to an increased sales focus on high volume business customers, specifically half-hourly metered customers, which are typically businesses with high individual consumption values. The number of business customers also grew by 12% in the year.
Ecotricity, which also owns Forest Green Football Club, operates 22 wind parks and one solar park. Development projects continue to progress in the areas of energy storage, solar and green gas.
Despite the challenges which energy supplies are facing in the current financial year, which have included steep inclines in the wholesale gas and power prices as well as the introduction of the Domestic Gas and Electricity Act in 2018, which caps tariffs, Ecotricity is upbeat about its growth plans.