2015
Annual 
Report
& Financial Statements      Contents
Annual Report & Financial Statements
Year ended 31 December 2015
2015 3
Strategic Report Directors’ Report Financial Statements
Annual Report
Good Energy - 2015 highlights 4 – 5
Strategic Report 6 – 17
Chairman’s Statement 7 – 8
Strategic Review 9 – 11
Chief Executive’s Review 12 – 15
Chief Financial Officer’s Review 16 – 17
The Good Energy Group PLC Board 18 – 19
Directors’ Report 21 – 34
Directors’ Remuneration Report 31 – 34
Independent Auditors’ Report to the members of Good Energy Group PLC 35 – 39
Financial Statements
Consolidated Statement of Comprehensive Income 41
Consolidated Statement of Financial Position 42
Parent Company Statement of Financial Position 43
Consolidated Statement of Changes in Equity 44
Parent Company Statement of Changes in Equity 45
Consolidated Statement of Cash Flows 46
Parent Company Statement of Cash Flows 47
Notes to the Financial Statements 48 – 90
Directors and Corporate Resources 91 4
Good Energy - 2015 highlights
Revenue
Compound annual growth 
over five years: 26%
Gross profit
Compound annual growth  
over five years: 27%
PBT
Compound annual growth  
over five years:  -29%
Non current assets
Compound annual growth  
over five years: 37%
EBITDA 
Compound annual growth  
over five years: 42%
Financial summary
  Revenue increased 12% to £64.3m
  Gross profit increased by 13% to £21.3m
  EBITDA increased by 28% to £7.3m
  Profit before tax of £0.1m
  Cash balance £4.8m
  Net debt £54.0m
  Basic (loss) / earnings per share (1.4p)
  T otal dividend for the year maintained at  3.3p
EBITDA is calculated using operating profit 
before exceptional costs. 5
Strategic Report Directors’ Report Financial Statements
Customers
  Electricity customer numbers grew 32%  
to 68,000
  Gas customer numbers rose 55% to 38,800
  Feed-in Tariff administration sites grew 48%  
to more than 112,600
Customer growth
Generation & Development
  Four solar farms completed and commissioned – 
Rook Wood and Lower End (Wiltshire), Carloggas 
(Cornwall) and Crossroads (Dorset) with a total 
combined capacity of 23MW
  T otal solar output at year end was 23.3GWh
  T otal number of owned and operated solar  
farms at year end was six - with a total capacity 
of 30MW
  A seventh solar farm, Oaklands (Dorset) went 
live in early January 2016
  Planning permission for three additional solar 
sites was received in January 2016
  Wind farm installed capacity at year end was 
17.5MW
  T otal wind farm output during 2015 was 
53.3GWh
  T otal installed capacity at year end was 47.5MW
  The combined output of Good Energy’s wind 
and solar sites was 76.6MWh - enough to power 
around 19,135 average homes
Good Energy continues to 
focus on building its customer 
base and delivering excellent 
customer service. 
Hampole wind farm, near Doncaster. Chairman’s Statement  7 – 8 
Strategic Review  9 – 11 
Chief Executive’s Review  12 – 15 
Chief Financial Officer’s Review 16 – 17
6–17
Strategic 
Report 7
Strategic Report Directors’ Report Financial Statements
Chairman’s Statement
Good Energy’s strategic objectives for 2015 were 
to grow its customer base, to continue to invest in 
renewable generation capacity and to diversify its 
funding stream to support this investment.
In 2015, overall customer numbers grew by 44% and 
Good Energy invested in bringing four new solar sites 
on stream, making a total as at year end of six. It also 
drew down £18.6m of funding from its debt facility to 
support the development of these generation assets.
The company delivered profit before tax of £128k, in 
line with expectations. 
There was considerable focus on the renewable 
energy sector in the UK during the year. The Paris 
climate summit in December 2015 demonstrated 
a renewed commitment by all participating 
governments to take action to address climate 
change.
At the same time, the UK has seen demand for 
renewable energy grow year on year. Nearly a quarter 
of the country’s electricity needs are now being 
met by renewable sources such as wind and solar 
- evidence that there is a clear growth market for 
renewable energy in the medium to long term.
Good Energy, which was set up more than 15 
years ago, continues to offer a proven blueprint 
for a commercially viable and sustainable 100% 
renewable power supply and generation business.
2015 saw a number of changes to UK energy 
policy and subsidy landscape which negatively 
impacted plans for wind and solar development and 
generation. It was also the UK’s warmest year on 
record, resulting in decreased energy usage.
However, as a vertically integrated utility business, 
both generating and supplying renewable  
electricity, Good Energy is well placed to deal  
with such challenges. 
There is evidence of a strong 
growth market for renewables 
in the medium to long term. 
Dividend details
Our dividend policy remains in line with our  
objective to continue to balance an appropriate 
return to shareholders with continued  investment  
in the business.
The Directors recommend a final dividend of 2.3p  
per share (2014: 2.3p). The dividend has been 
maintained, subject to approval at the company’s 
AGM.
Our Strategic Report for 2015 contains contributions  from Good Energy’s 
Chairman, its Chief Executive and its  Chief Financial Officer, in addition to a 
strategic review. Detailed financial information and data can be found in later 
sections of the document.
In September, it announced its new strategic focus 
and five-year business plan. This is designed to 
deliver the company’s growth target of a five-
fold increase in customer numbers (household 
equivalents) from a total of 176,500 as at June 2015 
to approximately 900,000 as at 31 December 2020. 
This will enable Good Energy to leverage scale from 
its operating model in order to deliver sustainable, 
profitable growth.
The strategy focuses on four key areas: 
  Improving efficiency
  Investing in technology to improve  
customer experience
  Developing new and differentiated propositions   
for domestic and business customers
  Identifying scaleable acquisition channels
Strategic Report  6 – 17 Chairman’s Statement 8
John Maltby
Chairman
11 April 2016
Good Energy’s ethical approach and focus on 
excellent service has been a consistent driver of 
both customer growth and retention. I’m pleased 
to report that the company scored an impressive 
81% in the latest Which? energy company customer 
satisfaction survey, putting it in second place, 
just one percentage point behind the leader. The 
company has consistently secured first or second 
place in each of the last five years. At the same  
time, Good Energy has topped the three most  
recent Martin Lewis MoneySavingExpert energy 
company polls.
Matters of sustainability and corporate social 
responsibility are becoming increasingly important 
for businesses, and Good Energy received new 
accreditation during the year for its brand promise 
of delivering 100% renewable electricity to its 
customers. Renewable energy supplies are becoming 
of increasing importance to the business sector. The 
company is clearly in a strong position to respond  
to this, backed up by independent accreditation.  
This presents the company with a promising 
commercial opportunity. 
A founder member of the Social Stock Exchange, 
Good Energy is now dual listed on the social impact 
segment of the ISDX, having successfully completed 
a social impact report and passed the high 
standards set by independent auditors.
During the year, the company further invested in 
its management team and leadership capability, 
bringing new people on board with a broad range  
of skills and experience. The benefits of this 
additional strength are already being felt across  
the business. In addition, the company is proposing 
to introduce a long term incentive plan (LTIP) for the 
Executive team.
The business sector presents 
a promising commercial 
opportunity for us.
All these factors provide a good foundation from 
which to support the company’s ambitions for 
growth. There has been an encouraging start to 
2016, with planning permission received for three 
solar farms, and continued momentum in customer 
growth. This gives confidence in the outlook for the 
remainder of the year.
I would like to set on record my thanks to everyone 
at Good Energy for all their hard work and 
dedication throughout what has undoubtedly been a 
challenging year. 
Thanks to their commitment, the company has been 
able to continue to deliver strong customer growth 
and offer great levels of service.
I would also like to thank all our customers for their 
support and commitment in helping us to address 
climate change.
Good Energy commissioned four new solar farms during 2015. 9
Strategic Report Directors’ Report Financial Statements
Strategic Review
As noted in the company’s 2015 interim report, Good 
Energy has undertaken a strategic review and set out 
clear priorities for the next five years.
The company sees strong prospects for growth 
in the renewables sector as evidenced by the 
momentum achieved at the 2015 Paris climate talks, 
where governments around the world united in their 
commitment to tackle climate change. 
The challenge of delivering a climate change 
programme that keeps to the agreed pathway 
presents a major risk to the balance sheets of some 
of the world’s largest companies. The Governor of 
the Bank of England has noted that the vast majority 
of reserves are ‘unburnable’ if global temperature 
rises are to be limited. As a result, fossil fuel assets 
such as coal, oil and gas are likely to continue to 
devalue as companies write down their reserves to 
reflect useable amounts.  
At the same time, in the UK, there has been steady 
year on year growth in renewable generation.
  
Good Energy is looking to deliver growth across both 
its domestic and business customer bases, targeting 
a five-fold increase in customer numbers (household 
equivalents) to approximately 900,000 by 31 
December 2020.
It seeks to achieve this by delivering improved 
efficiency, investing in technology to improve 
customer experience, developing new and 
differentiated propositions for domestic and 
business customers, and identifying scalable 
acquisition channels.
In the business sector, Good Energy will pursue 
significant growth driven by corporate social 
responsibility requirements and carbon  
reduction commitments.
The focus on the domestic sector will be to drive 
down the cost to serve and introduce enhanced 
digital technology which will deliver a better 
experience for customers.
Similarly, it will target efficiencies in its Feed-in Tariff 
(FIT) business and explore new opportunities for 
solar and battery storage.
The focus on generation will shift to wind power in 
the medium term. In the longer term, Good Energy 
will seek new investment opportunities in the hydro 
and tidal sectors.
The company will also seek to secure access to 
long term supplies of renewable electricity through 
growing its network of power purchase agreements.
Good Energy recognises the important role that 
innovation has to play in helping it meet its targets, 
and will continue to explore the potential offered by 
peer-to-peer energy trading in the form of its Piclo 
trial, and battery storage solutions.
As part of this approach, the company plans to 
launch a new ‘green gas’ product during April  
2016, which will further differentiate it from  
its competitors.
The new five-year strategy will support Good 
Energy’s focus on targeting the delivery of 
sustainable, profitable growth. 
Although there are risks and uncertainties, Good 
Energy benefits from its vertically integrated 
structure and has robust plans in place to manage 
and mitigate these wherever possible.  Further 
details on risks and uncertainties can be found in the 
Directors’ Report on page 23.
Strategic Report  6 – 17 Strategic Review 
Renewable electricity capacity as at end Q3 2015. 
Source: Department of Energy & Climate Change. 10
Investments
Good Energy continues to make strategic 
investments to underpin growth in its supply 
business and maintain its ability to capitalise on 
the long-term growth opportunity that exists. 
During 2015, this included investment in people and 
processes within our customer operations area.  
For example, a new smart phone ‘app’ was launched 
to help customers take and submit meter readings. 
At the same time, the company has introduced a 
new on-line portal, enabling customers to opt for  
on-line billing, submit meter readings or activate 
other services.
2015 also saw the company’s first successful ‘clean 
energy’ collective switch which delivered just under 
10,000 new domestic customers, nearly 80% of 
which are dual fuel. It has also continued to invest 
in the planning and development of new generation 
projects with four solar farms coming on stream in 
2015. A further three received planning permission 
early in 2016.
Planned investment for 2016 includes a new billing 
system, and enhancements to existing processes 
and systems.
Key Performance Indicators
Good Energy uses a range of performance indicators 
(KPIs) to monitor business performance in four key 
areas - Customer, Operational, Financial and People. 
As part of the strategic review undertaken in 2015, 
enhancements were made to these metrics to align 
them to the delivery of the company’s five year plan. 
The strategic KPIs are reported to the Board, 
Executive and Heads of Function on a monthly 
basis with lead and lag success indicators reported 
more frequently within the business. This enables 
consistency of reporting at all levels and provides a 
balanced overview of the health and performance of 
the company.
Customers
Good Energy continues to focus on building its 
customer base and delivering high quality  
customer service. 
Good Energy monitors KPIs which will support the 
delivery of its customer strategy, including customer 
growth, and customer churn and retention.  2016 
will see the introduction of three additional KPIs to 
measure customer satisfaction, competitiveness  
and brand awareness. 
Operational 
Supply
Good Energy’s operational strategy for its supply 
businesses is to drive efficiency whilst delivering a 
great customer experience. Primary operational KPIs 
are ‘cost to serve’ for existing supply customers and 
‘cost to acquire’ for new supply customers.  
The customer is at the heart of the company’s 
enhancements to its systems, processes and staff 
training and this ensures cost to serve reductions are 
managed alongside continual improvements in the 
whole  Good Energy customer experience.
Good Energy also monitors the cost of power from 
the market and from the company’s own generation 
assets to understand the effectiveness of its energy 
procurement approach. 
Generation
Its generation business goal is to maximise efficiency 
and return on investment across its portfolio of wind 
and solar sites. Performance will be measured by 
availability - the % of time each site is available  
to generate. 
Customer KPIs Strategic goal 2015 2014
Customer 
growth (all  
supply 
customers)
T o increase the number of customers 
supplied with renewable electricity and 
to grow revenue
44% 34%
Customer 
churn
T o develop a compelling proposition 
that enables long term customer 
retention
<8% <8% 11
Strategic Report Directors’ Report Financial Statements
Across the company 
Two further operational KPIs, introduced early in 
2016, will have an impact across Good Energy.  
One will measure the equivalent emissions of  
its activities.
The second will monitor the effectiveness of its  
risk management processes.
Financial Performance  
The company’s financial performance is of 
fundamental importance to all stakeholders. Good 
Energy’s main objectives are to deliver growth 
in profit and value and to ensure it is adequately 
funded to meet its on-going requirements and long 
term objectives. The business monitors growth in 
revenue, gross margin and overhead costs to support 
the delivery of its financial targets.
The funding strategy of the business is also reviewed 
on a regular basis to ensure that both the cost of 
funding and the balance between debt and equity 
funding are appropriate for the business and provide 
the foundation to support its future growth plans.
People
The Executive team is focused on developing the 
culture of Good Energy in a way which enables it  
to attract and retain employees with the right  
skills, knowledge and mind-set to help deliver its 
growth plans.  
T o achieve this, the company has invested in a 
programme to embed its core values into its people 
management processes. This is supported by an 
improved learning and development programme and 
company reward strategy.   
Additional KPIs introduced in 2015 included employee 
engagement and employee retention.  Employee 
engagement is measured company-wide on an annual 
basis. The first set of results, collected in Q4 2015, 
showed an engagement score of 78%, which is an 
extremely strong result for the organisation’s first 
formal engagement survey. The highest performing 
businesses industry-wide aim for a score of 80%  
or higher.
Employee retention is also an important enabler of the 
company’s growth plans, ensuring the business can 
retain the skills and knowledge it requires. By investing 
in employee development and encouraging internal 
promotions, Good Energy aims to offer employees 
longer term career growth opportunities. 
T o support the company’s ambition for continued 
growth, investment in people, capability development 
and systems during the year was maintained. This 
investment enabled the company to hire a number 
of new senior roles, bringing in additional skills to 
ensure it is able to respond effectively to maximise the 
business growth opportunities.
Strategic Report  6 – 17 Strategic Review 
Financial KPIs Strategic goal 2015 2014
Revenue 
growth (%)
1 T o generate strong revenue growth 
in line with customer growth
12% 43%
Gross margin 
(%)
T o deliver the right level of 
contribution to overheads, 
investment and shareholder returns 
whilst maintaining attractive prices 
for our customers
33% 33%
Administration 
cost  
growth (%)
2 T o grow administration costs at 
a lower rate than gross margin, 
enabling contribution to deliver 
against a wider range of targets 
14% 54%
1.      2014 revenue included £10.1m from the sale of West Raynham 
2.      Excludes depreciation and marketing costs
Good Energy continues to invest in the 
skills and capabilities of its people. Good Energy continues 
to work with like-minded 
partners, including the Eden 
Project in Cornwall. 13
Strategic Report Directors’ Report Financial Statements
Chief Executive’s 
Review
2015 was a year of political change and uncertainty 
for the renewable energy industry. Throughout 
this period, Good Energy demonstrated that as a 
business it is both flexible and responsive to change, 
while it continues to grow. It has delivered a year end 
performance in line with expectations.
In the autumn of 2015, Good Energy announced a 
renewed five-year strategy for profitable growth, 
setting out its future customer growth targets. 
Its goal is to have 900,000 domestic customers 
(household equivalents) by 2020. 
This growth path will enable the company to 
further pursue its mission to tackle climate change, 
capitalising on the strengths of its vertically 
integrated supply and asset business model, and 
using its approach to innovation to gain market 
share, whilst growing profitably.
Supply
Good Energy’s  electricity, gas and Feed-in Tariff 
(FIT) customer numbers continued to show strong 
growth, with 219,400 in total by 31 December 2015 
(2014: 152,500). The company’s domestic supply 
base received a major boost as a result of winning 
the Big Deal clean energy collective switch in the 
autumn, and by 31 December 2015, total electricity 
customers numbers had risen by 32% to 68,000 
(2014: 51,500).
Gas customer numbers rose by 55% to 38,800 
(2014: 25,000) while there was a 48% rise in FIT 
customer numbers to 112,600 (2014: 76,000). 
Business sales revenue grew 30% during the year 
(2014: 22%), reflecting a number of factors including 
a year on year improved competitive pricing position, 
rising brand awareness through avenues such as 
social media and increased interest in corporate 
social responsibility. The number of sites supplied 
almost doubled, while the amount of power 
delivered to business customers grew by more  
than 52%.
These figures reflect Good Energy’s record of 
consistent year on year growth in customer numbers 
and reflect the ongoing investment in customer 
service, staff, and back office systems. Third-party 
endorsements from Which? and MoneySavingExpert 
have also helped drive customer growth and 
high levels of customer retention, along with 
endorsements from organisations such as Ethical 
Company Organisation, the Good Shopping Guide 
and the Social Stock Exchange.
Generation & development
During the year, the company also continued to 
invest in its pipeline of generation sites. Four solar 
farms were built and commissioned during the 
12-month period, bringing the total number of  
owned and operated solar sites to six, with a 
combined installed capacity of 30MW. 
Construction of a seventh 5MW solar farm  
began during the last quarter of 2015 and the  
site is now ‘live’. 
Strategic Report  6 – 17 Chief Executive’s Review
The solar panels installed at Good Energy’s Oaklands solar farm in Dorset are 
designed to follow the contours of the land. 14
Planning consent for a further three sites was 
received early in 2016. These sites will be developed 
to balance appropriate returns on the company’s 
assets with an objective of securing access to  
long term renewable electricity to support  
customer growth.
Output from its two wind farms at Delabole 
(Cornwall) and Hampole (Yorkshire) during the full 
year totalled 53.3GWh, up 38% (2014: 38.7GWh). 
Work continued in 2015 on two new wind farm 
projects - one in Scotland and one in Cornwall - 
which together could power tens of thousands  
of homes.  
Good Energy continues to review its ongoing strategy 
on asset development in light of the Government’s 
review of renewable energy policy.  As part of 
this, the company has taken the decision to write 
off £575k of early-stage development costs on a 
number of small sites which are now unable to 
progress, reduce the size of the development team, 
redeploying staff into other business roles where 
appropriate and reviewing the on-going focus. 
As a result, the team will now concentrate on Good 
Energy’s existing portfolio, and consider what 
development plans the company will explore in 2017 
and beyond.  
The company invested in a new finance system 
during the year to facilitate improved internal 
reporting and as an ongoing driver to reduce costs 
as the organisation continues to grow.  It also rolled 
out a new on-line portal, which more than 25% of 
the customer base has already signed up to. A new 
meter reading ‘app’ was also unveiled, which  
is supporting the company to produce regular  
accurate bills.  
The company has grown considerably since its 
creation and 2015 was a year of particularly strong 
expansion. It now employs more than 300 staff at its 
Chippenham, Wiltshire offices and this figure is set to 
rise in 2016.
The average Good Energy 
electricity customer saved 1.12 
tonnes of carbon in 2015.
A project to refresh and further embed the 
company’s core values across the organisation was 
rolled out during the year. This has provided the 
framework to help all employees maximise their 
potential and successfully deliver the company’s 
strategy and objectives.  The work on this has been 
reflected in relatively high employee engagement 
scores, which compare well with other high 
performing organisations.  
Corporate Social Responsibility (CSR)
Good Energy has sustainability at the heart of 
its strategy, and as a progressive business, it 
understands that its role in society is far more than 
just delivering profit. It is committed to using its 
business as a force for good.
The company continued to make a positive impact 
on addressing climate change during the year. It 
added four new solar farms to its portfolio by the 
year end, increasing the amount of renewable 
electricity generation. 
An increasing number of customers also opted to 
buy the company’s 100% renewable electricity, 
enabling each individual to reduce their carbon 
footprint. The average Good Energy electricity 
customer saved 1.12 tonnes of carbon last year by 
being 100% renewable - the equivalent of not driving 
5,700 miles. As generation and usage of renewable 
electricity increases, this in turn reduces the reliance 
on fossil fuels and energy imports.
The company will shortly be releasing its first 
Sustainability Report, which addresses and refreshes 
the company’s approach to CSR and associated 
reporting. Good Energy is a founder member of the 
Social Stock Exchange and at the end of the year, 
was dual listed on the social impact segment of the 
ISDX Growth Market.
The company has continued to build upon its work 
with a range of like-minded partners during the year, 
including the Soil Association, Friends of the Earth, 
10:10 Solar Schools and the Eden Project. In the 
fourth quarter, the company also further cemented 
its relationship with the National Trust, and will now 
be the charity’s energy partner for an additional  
two years.
10:10 Solar School winners receive their prize cheque to help boost 
their solar panel fund- raising campaign. 15
Strategic Report Directors’ Report Financial Statements
The company remains committed to supporting 
and working with local communities so that they 
can benefit from its wind and solar development 
activities, and has set up community funds alongside 
each of the new solar farms it commissioned during 
the year. The local tariffs for customers living close 
to the company’s two wind farms remain in place 
and in August, Delabole residents enjoyed a windfall 
payment to reflect the high performance of the site’s 
four turbines.
Good Energy believes that innovation and 
technology will play a vital role in helping the UK 
move towards a future powered exclusively by 
renewables. Work on battery storage and peer-to-
peer trading which it undertook during 2015 and will 
continue to explore, will help the company develop 
new 100% renewable solutions. These will play an 
important role in helping the drive to reduce carbon 
emissions in the future.
Looking ahead
Good Energy believes there is real potential for it to 
take full advantage of the long-term opportunity 
as the UK begins to embrace a new decentralised, 
low carbon energy market.  Since 2010, more than 
one million homes are now producing power in their 
own homes from sustainable sources of energy, 
and in 2015, in quarter two alone, renewable energy 
provided over 25% of the UK’s electricity. Good 
Energy is at the heart of this change, and has the 
right long-term proposition, the right experience  
and a proven strategic approach to deliver growth 
going forward.
The business sector will be a focus for Good Energy 
in 2016 and beyond.  For example, the commitments 
of the RE100, a collaboration of the world’s most 
influential companies which have pledged to work 
towards 100% renewable power, play well to Good 
Energy’s strengths. The company is in an excellent 
position to support these organisations in their drive 
both to reduce carbon emissions and demonstrate 
their CSR and carbon credentials to customers. 
The domestic customer proposition will continue 
to develop and build on the progress made in 2015, 
such as the on-line portal and the Good Energy ‘app’. 
The company’s long- term vision is for the domestic 
customer to be the central hub for all sustainable 
energy initiatives in the home, and to help consumers 
take advantage of a smart-enabled future. It will 
seek to engage with its customers and make it 
possible for them to manage and understand their 
energy use more effectively than ever before.
The company’s approach to its development of 
assets will be adapted in the short term to reflect the 
impact of government policy. It remains optimistic 
about the available returns from operational assets 
and its ability to secure the long term supply of 
renewable electricity required to match growing 
customer demand. 
Good Energy’s customer numbers have risen an 
average 36% year on year for the last three years, 
demonstrating a clear, consistent record of growth. 
During 2015, it has continued to build on these strong 
foundations already laid and I am confident Good 
Energy will be able to both continue to maximise 
the opportunities for growth and respond to 
changing energy policy throughout the coming  
year and beyond.
Strategic Report  6 – 17 Chief Executive’s Review
Juliet Davenport
Chief Executive
11 April 2016
The company’s second local tariff applies to 
residents living near Hampole wind farm. 16
Profit before tax and exceptional items of £128k 
was down by £1.2m compared with 2014, despite an 
improvement of £3.2m PBT in the Supply business. 
The results for 2014 included a profit from the sale of 
West Raynham of £3.6m. The 2015 results included 
£113k PBT in relation to site sales and a write-off of 
£575k for sites no longer to be developed.
Financial performance by segment
The Supply business delivered a profit before tax 
of £3.7m in 2015, up by £3.2m from 2014. Revenue 
grew by 32%, with gross margin flat at 29%. Overall 
customer numbers grew by 44%, and the business 
has benefited from falling power prices, partially 
offset by the over-purchase of gas referred to in the 
interim results. 
The Supply business benefitted from a non-recurring 
credit of £1.0m which arose following the removal 
of Levy Exemption Certificates (LECs) announced 
by Government with effect from 1 August 2015. 
Good Energy had purchased LECs in excess of 
those needed to ensure compliance with regulatory 
requirements for supplying 100% renewable energy 
and had written back this excess cost to the income 
statement. The Autumn Statement confirmed 
that these LECs could be used up to March 2018 to 
offset the cost of Climate Change Levy for business 
customers. For this reason, the LEC inventory has 
been written back with a corresponding credit to the 
income statement.
T otal administration costs grew by 13%, reflecting 
strong cost control. The Supply business generated a 
positive cash flow in 2015.
The Generation business delivered a loss before 
tax of £636k, which was in line with expectations. 
This reflects the performance of solar sites, which 
are cash positive but profit negative in their first few 
years and also reflects the removal of the benefit 
of LECs from 1st August 2015. Overall generation 
revenue grew by 93%.  
Chief Financial Officer’s 
Review
Financial performance overview
Good Energy’s strategic objectives for 2015 were to 
continue to deliver customer growth, improve the 
profitability of the supply business and invest in 
renewable generation assets. 
It delivered a profit before tax of £128k which was 
in line with expectations. Revenue grew by 12%, 
supported by strong growth in customers up 44% in 
the supply business and 93% growth in generation 
revenue. 2014 results included  revenue from the 
sale of West Raynham.  T otal assets grew by 18% as 
a result of continued investment in generation. The 
company had cash balances of £4.8m at the year 
end and borrowing had increased from £46m in  
2014 to £62m as further drawdowns were made 
from the fixed rate debt facility announced at the 
end of 2014 to finance the construction of the four 
solar farms built and commissioned during 2015, 
and to start work on the two new wind farm projects 
noted previously.
In June, Good Energy became the UKs first energy company to 
accept a local currency, with customers now able to pay their 
energy bills using the Bristol Pound.
Revenue grew by 12%, 
supported by strong growth in 
both customer numbers and in 
generation. 17
Strategic Report Directors’ Report Financial Statements
The Development business reported a loss 
before tax of £2.1m. This includes the costs of the 
development team that cannot be capitalised 
against on-going projects and a write-off of early-
stage development costs on sites that will not 
be developed. As a result of the strategic review 
undertaken during the year, the Development team 
has been reduced in size going forward to reflect the 
change in focus with a reduction in investment in 
solar development anticipated in the future.
Financial position and financing
The long term fixed rate funding facility secured  
at the end of 2014 has supported the growth of 
 £16m of solar assets with an additional four sites 
having been completed in 2015. The company has 
adopted a prudent approach to drawing down 
against this facility, in order to optimise the overall 
level of borrowings. 
Good Energy continually reviews the funding 
requirements for the business to ensure that it can 
meet its strategic growth objectives with appropriate 
funding products taking into account the cost of 
capital, duration and overall gearing levels.
In the autumn, Good Energy announced its new 
strategy and growth targets for 2020. There is good 
potential for growth in the supply of renewable 
energy for both business and domestic customers 
and the company continues to invest to take 
advantage of these opportunities. 
The planned implementation of the billing system 
in 2016 and further process improvements in our 
operations teams will deliver reductions in cost to 
serve as well as improving customer experience and 
enable the business to deliver increased profitability 
as it leverages its cost base.
Revenue growth  
by segment
2015 2014 % Notes
Supply £60.5m £45.7m +32%
 
Strong growth in both domestic and 
business customers 
Generation £7.5m £3.9m +93% Four new solar sites commissioned  
in year and a full year of operation  
for existing sites  
Development £0.2m £10.2m -98% 201 4 s al e of W e s t R a ynham;         
2015 sale of small solar site 
Denise Cockrem
Chief Financial Officer
11 April 2016
Strategic Report  6 – 17 Chief Financial Officer’s Review 18
John Maltby – Chairman
John holds a number of roles in UK and international companies including 
Chairman-elect of Swedish Bank BlueStep, Non-Executive Director of Bank 
of Ireland UK, and Non-Executive Director and Chairman of Risk and Audit for 
Tandem Bank plc.
Previous roles include Chief Executive Officer of Williams & Glyn, Senior 
Advisor to Corsair Capital, Group Director of the UK commercial bank of 
Lloyds Banking Group, Group Chief Executive of Kensington Group plc and 
a number of senior executive positions across the financial services sector, 
including NatWest Group plc, Barclays Bank plc and Abbey National plc. 
Other directorships:
Bank of Ireland (UK) plc 
Tandem Bank Ltd 
Lunar Investors (Holding) LLP
Introducing the Good Energy Group PLC Board
Joined Board:  
October 2012
Responsibilities: 
Member of Audit and  
Risk Committee 
Member of Remuneration 
Committee
Juliet Davenport – Chief Executive Officer
Juliet was appointed Chief Executive of Good Energy Group and Good Energy 
in 2002. She started her career in renewable energy at Energy for Sustainable 
Development Ltd (ESD) in 1995 and was appointed Executive Director of 
both ESD (now CAMCO) and ESD Ventures Ltd in 1996. Passionate about 
renewable energy and its potential to impact on climate change, in 2013 she 
was awarded the OBE for services to the sector.
 Juliet is highly regarded in the renewable energy industry and has held 
positions on many strategic and advisory boards, including DECC’s Renewable 
Advisory Board, OFGEM’s Environmental Advisory Committee, Ministerial 
Smart Metering, and Regen SW. She also represents small suppliers on the 
remuneration committee of Energy UK and is a council member of NERC.
Appointed CEO:  
2002
Denise Cockrem – Chief Financial Officer
Denise was appointed Chief Financial Officer in May 2014. Her previous 
experience includes senior finance roles in FTSE 100 companies within the 
financial services sector. Prior to joining Good Energy, Denise was Finance 
Director for RSA Insurance Group’s UK & Western Europe region. She has 
previously worked as Finance Director for Direct Line Insurance, and her 
career includes finance roles with Royal Bank of Scotland, Barclays Bank  
and Ernst & Young. Denise is an FCA, who qualified with Neville Russell  
and has an MA from Oxford in Law. 
Denise is also a Trustee on the Board of Macintyre, a charity providing 
learning, support and care for more than 900 children and adults with 
learning disabilities. She is a member of the CBI South West Council and a 
Non-Executive Director of Skipton Building Society.
Appointed CFO:  
May 2014
   19
Strategic Report Directors’ Report Financial Statements
Joined Board: 
June 2000
Responsibilities: 
Chairman of Remuneration 
Committee
Martin Edwards – Non-executive
Martin was appointed as a director of Good Energy Group at its formation, 
bringing to the Group valuable knowledge of the renewable generation business. 
He was instrumental in taking Delabole wind farm – the UK’s first commercial 
wind farm – from concept to completion in the 1990s. Delabole wind farm was 
acquired by Good Energy Group in 2002 and Martin continued to direct all local 
operations, maintenance and contract negotiations associated with it. He also 
played a key role in implementing the £12 million redevelopment of the site 
during 2010/11.
Other directorships:
Windelectric Ltd 
Windelectric Management Ltd
Joined Board: 
November 2012
Responsibilities:
Member of Audit and  
Risk Committee
Member of Remuneration 
Committee
Francesca Ecsery – Non-executive
Francesca is a Portfolio Non-Executive Director with 23+ years’ experience in 
directing both blue chip companies and start-ups in the digital, retail, FMCG, 
leisure and travel industries.  She is an investor in a number of start-ups, acts 
as advisor in the leisure, travel, retail and digital marketing sectors and is a 
commercial coach to several entrepreneurs. Francesca is also the founder and 
Director of Advantage Portugal.
Previously, Francesca worked as Global Business Development Director and 
UK General Manager at Cheapflights Media. She has extensive experience 
encompassing consultancy with McKinsey & Co, marketing with PepsiCo, and 
general management in a range of blue-chip travel companies.
Other directorships: 
Marshall Motor Holdings 
Advantage Portugal LLP 
Foreign & Colonial Investment Trust plc 
Share plc 
The Share Centre Limited 
Sharefunds Limited 
VISTA (Logistik Holdings Ltd)
Rick Squires – Non-executive 
 
Rick holds a number of non-executive board directorships of companies 
within the renewable energy sector, including Green Investment Bank 
Financial Services and Green Energy For Education Limited.
Until 2009, Rick was the Non-Executive Chairman of Eclipse Energy Company 
Ltd, a UK-based privately owned wind power company with a development 
portfolio of approximately 250MW. Rick is also the founder of PiEnergy Ltd, 
He has held senior commercial positions with Royal Dutch Shell Group and 
InterGen, a US-based power producer.
Other directorships:
UK Green Investment Bank Financial Services Limited 
Chippenham Rotary and Inner Wheel Trust Limited 
PiEnergy Limited 
Milford Haven Port Authority 
Green Energy for Education Ltd
Joined Board: 
March 2008
Responsibilities: 
Chairman of Audit and  
Risk Committee  20
Schoolchildren discover 
biodiversity in action at 
Woolbridge solar farm  
in Dorset. 21
Directors’ 
Report
21–34
Directors’ Remuneration Report  31 – 34 22
The company is required to set out a fair review 
of the group’s activities and a description of the 
principal risks and uncertainties facing the business. 
This requirement includes an analysis of the 
development and performance of the company’s 
business during the financial year, and the position 
of the Group at the end of the reporting period 
consistent with its size and complexity.
The Directors’ Report has been prepared and is 
published in accordance with, and with reliance 
upon, applicable English company law and the 
liabilities of the Directors in relation to that report are 
subject to the limitations and restrictions provided 
by such law.
Risk Management Approach
Good Energy recognises that effective risk 
management is critical to enable it to meet its 
strategic objectives.
The Board has overall responsibility for the 
company’s risk management and internal controls 
framework. The Audit and Risk Committee, under 
delegation from the Board, reviews the nature and 
extent of risk exposure. 
The company has a clear framework for identifying 
and managing risk, both at an operational and 
strategic level. Its risk identification and mitigation 
processes have been designed to be responsive to 
the changing environment in which it operates. The 
impact of emerging risks on our business model are 
also considered and this is used to make informed 
decisions as we continue to refine our strategy.
The Directors submit their report, together with the audited consolidated 
financial statements of the Good Energy Group of companies, for the year 
ended 31 December 2015. This report includes the Corporate Governance 
section and the Directors’ responsibility statement.
The Board’s review of internal control
The Board retains overall responsibility for the 
company’s risk management and internal controls 
framework. Responsibility for reviewing the 
effectiveness of internal control is delegated to the 
Audit and Risk Committee.
The Audit and Risk function is responsible for 
Good Energy’s risk management activities, and 
for provision of its internal audit service. As such, 
its activities include ensuring the regular review of 
internal controls relating to key risks, reporting on 
risk events to the Audit and Risk Committee, and 
reviewing and testing the effectiveness of internal 
controls through audit reviews.
In 2015, the Audit and Risk function worked 
collaboratively with the business to establish a 
control environment - the ‘Guiding Principles’ 
approach that is appropriate for a fast-growing 
business. This will help ensure that everyone who 
works at Good Energy adheres to a way of working 
together that reflects the company’s ethos.  In turn, 
this will ensure Good Energy employees can make 
informed decisions that are in the best interests  
of the business and the environment in which  
it operates.
Registered office details
The company’s registered office and principal place 
of business is:
Monkton Reach 
Monkton Hill 
Chippenham 
Wiltshire SN15 1EE
The company’s registered number is 04000623. 23
Strategic Report Directors’ Report Financial Statements
Directors’ Report  21 – 34 Directors’ Report
Principal risks and uncertainties
Political and regulatory risk:  Good Energy faces 
a range of political pressures that could potentially 
lead to adverse, additional legislation or regulation 
for the business. 
In 2015, this took the form of the removal of 
significant levels of renewable support by the 
government. At the same time, the government’s 
support for nuclear power and the exploitation of 
shale gas has increased.  Good Energy does not 
believe this is the best solution to long-term energy 
security and ignores the potential of renewable 
technologies. Any such changes to regulations or 
policies are considered as part of the regular and 
continuing review of the Group’s operating strategy.
Ahead of the June 2016 referendum, public debate 
continues about the relative benefits and drawbacks 
of the UK’s potential withdrawal from the European 
Union. Good Energy believes that ‘Brexit’ would lead 
to a period of increased regulatory uncertainty, but 
that the company is adaptable and well placed to 
meet any regulatory changes. 
Good Energy believes that Brexit may lead to higher 
energy prices for UK households and businesses as 
a possible decline in the value of sterling and new 
trade tariffs would make imported energy relatively 
more expensive. 
Wholesale market and price volatility: Revenue 
from sales of electricity and gas are affected by 
fluctuations in wholesale prices and the associated 
costs of purchases when market conditions are 
volatile. Good Energy mitigates this risk partly 
through the benefits of its vertical integration,  
and partly via its forward-looking and prudent 
hedging policy. 
Good Energy announced one price change in 2015 
- a reduction in both its electricity and gas prices.  
Subsequently, in early February 2016, the company 
announced a 7.2% gas price drop, effective from 1 
April 2016.
Weather, forecasting demand and generation:     
On the supply side, temperature drives demand and 
customer behaviour. From a generation perspective, 
the annual variability of wind speeds and solar 
radiation can result in year-to-year volatility. Any 
material reduction could have a consequent adverse 
impact on financial results and potentially, the future 
prospects for the business.
Accurate forecasting is key, in the long term, to 
informed hedging and thus mitigating against 
adverse market movements, and in the short term 
to avoiding imbalance risk. Investment in forecasting 
systems has provided Good Energy with a greater 
degree of granularity and a reduction in forecasting 
errors related to demand and all forms of generation.
Cyber-attack: As with many businesses, a 
successful cyber-attack on Good Energy’s network 
could result in the company being unable to deliver 
service to its customers, potentially damaging its 
reputation, and leading to consequential customer 
and revenue loss. It could also lead to the imposition 
of financial penalties.
Good Energy continually assesses its security 
policies, standards and procedures and adjusts them 
so they are proportionate to the threat profile the 
company faces. 
Data management: Good Energy carries and stores 
confidential, personal and commercially sensitive 
information. Failure to protect or correctly use 
this data could result in unintentional loss of, or 
unauthorised access to, customer data. This could 
adversely affect Good Energy’s reputation and 
potentially lead to legal action.
Good Energy takes the security of customer data 
very seriously. It has a mandatory data privacy 
programme in place designed to ensure it uses data 
in its possession appropriately. The programme is 
based on existing regulations and reflects the nature 
of the data the company possesses.  
All applications which hold or transmit confidential 
personal and commercially sensitive information 
include appropriate security features. All staff 
undergo data protection training to ensure they  
are fully aware of their roles and responsibilities  
in this matter.
Financial risk management: This has been 
considered within note 3.1 in the Notes to the 
Financial Statements. 24
General company information
The Group is a public limited company incorporated 
in the United Kingdom under the Companies Act 
1985, and is listed on the Alternative Investment 
Market (AIM) of the London Stock Exchange.
The company’s registered office and principal 
place of business is Monkton Reach, Monkton Hill, 
Chippenham, Wiltshire, SN15 1EE. The company’s 
registered number is 04000623.
Capital structure
The Group is financed through both equity share 
capital and debt instruments.
As at 31 December 2015, the company’s issued share 
capital was 14,970,680 Ordinary Shares of 5p each.  
Ordinary Shares in the Group carry rights to dividends 
and Ordinary shareholders are entitled to attend and 
vote at general meetings. 
The company’s share register is maintained and 
managed by Computershare Investor Services PLC  
for which contact details can be found in our Directors 
and Corporate Resources section on page 91.
The company does not have shareholder authority 
to acquire its own shares. Clarke Willmott Trust 
Corporation Limited holds 521,989 (2014: 208,863) 
Ordinary Shares of the company in trust for current 
and future beneficiaries of the Good Energy Group 
Employee Share Option Scheme. These are deducted 
from equity as shown in the Consolidated and Parent 
Company Statements of Changes in Equity. 
During 2015 the trust disposed of 197,000 (2014: 
179,135) shares as a result of exercised options.
Night falls at Good Energy’s Lower End solar farm in Wiltshire. 25
Strategic Report Directors’ Report Financial Statements
Directors’ Report  21 – 34 Directors’ Report
Significant shareholders
Significant shareholders holding over 3% of the issued share capital as at 31 December 2015, other than any 
Directors and their family as defined in the AIM rules, are detailed below:
Directors’ interests and their interests in the company’s shares
Details of the company’s Directors who served during the year and up to the date of approval of this report 
(unless otherwise stated) are detailed on page 27.
The interests (all of which are beneficial unless otherwise stated) of the Directors and their families as 
defined in the AIM Rules in the issued share capital of the parent company are:
31 December 2015
% of Issued  
Share Capital
31 December 2014
% of Issued  
Share Capital
Green Beannie Limited 2,457,457 16.42% 2,352,597 16.04%
Legal and General 
Investment
1,021,117 6.82% 1,176,471 8.02%
Schroders PLC 743,874 4.97% 592,685 4.04%
John Sellers 479,797 3.20% 588,797 4.01%
Berti Investment Limited 486,318 3.25% 486,318 3.32%
Peter Dixon Edwards 451,098 3.01% 451,098 3.08%
31 December 2015
% of Issued  
Share Capital
31 December 2014
% of Issued  
Share Capital
Martin Edwards 
2
686,827 4.68% 686,827 4.68%
Juliet Davenport 592,810 4.04% 592,810 4.04%
John Maltby 120,000 0.82% 120,000 0.82%
Richard Squires 36,000 0.25% 36,000 0.25%
Francesca Ecsery 2,400 0.02% 2,400 0.02%
Notes
1. Certain of the Directors hold share options for which details are set out in the Directors’ Remuneration Report (on page 31).
2. In addition to the shareholding of Martin Edwards detailed above, his father Peter Dixon Edwards holds 123,450 Ordinary Shares as trustee of a 
discretionary trust under which Martin Edwards is one of the potential beneficiaries. 26
Directors’ Indemnity Statement
As permitted by the Group’s Articles of Association, 
the Directors have the benefit of an indemnity which 
is a qualifying third party indemnity provision as 
defined by Section 234 of the Companies Act 2006. 
The indemnity was in force throughout the last 
financial year and is currently in force. The company 
also purchased and maintained throughout the 
financial year Directors’ and Officers’ liability 
insurance in respect of itself and its Directors.
Financial instruments
The Group’s financial instruments include bank  
loans and other borrowings, a corporate bond, 
overdraft and revolving credit facilities. 
The principal objective of these instruments is  
to raise funds for general corporate purposes and 
to manage financial risk. Further details of these 
instruments are given in Note 22 in the Financial 
Statements.
Future developments
Details of future developments are given in the Chief 
Executive’s Overview on page 12. 
Research and development
Given the nature of the Group’s activities it does not 
carry out any material research and development 
work. However, the company does invest in small-
scale R&D projects, often grant-funded, as it believes 
innovation is key to the future development of its 
business proposition.
Dividends
Details on 2015 final dividend proposed are given in 
the Chairman’s Statement on page 7.
Turbines at Good Energy’s Hampole wind farm near Doncaster. 27
Strategic Report Directors’ Report Financial Statements
Directors’ Report  21 – 34 Directors’ Report
Corporate Governance
The Group recognises the importance of good 
corporate governance practices. The Board is familiar 
with the UK Corporate Governance Code, although it is 
not currently required to comply with the Code. In the 
interests of transparency, the Directors have decided 
to provide certain corporate governance disclosures 
that would be required of a fully listed company.
The Board and its committees
Board of Directors
The Board comprises the following individuals:
Notes
1. Independent Non-Executive Directors.
Executive Directors Non-Executive Directors
Juliet Davenport Chief Executive John Maltby
1
Non-Executive Chairman 
of the Board; Member 
of the Audit  and 
Risk Management 
Committee; Member 
of the Remuneration 
Committee
Denise Cockrem Chief Financial Officer Richard Squires 
Chair of the Audit and 
Risk Management 
Committee
Martin Edwards 
Chair of the 
Remuneration 
Committee
Francesca Ecsery
1
Member of the Audit 
and Risk Management 
Committee; Member 
of the Remuneration 
Committee 28
Operations of the Board
The roles of Chief Executive and Chairman have 
always been split, with the Chairman operating in 
a Non-Executive capacity. The Chief Executive is 
responsible for the day-to-day management and 
running of the business and is supported by a  
team of senior management including a Chief 
Financial Officer,  Managing Director, Supply,  
Director of Trading & Origination and Director of 
People & Culture. 
During the year ended 31 December 2015, there 
were seven scheduled Board meetings. Additional 
Board meetings were convened when the Board 
was required to deal with the review and approval of 
material matters affecting the Group.
The Group’s performance is reviewed at these 
scheduled meetings and the Board is responsible for 
agreeing and reviewing the strategy for the Group, 
for which it maintains both short term (12 months) 
and longer-term plans (five years). In addition, it 
is also responsible for matters relating to Director 
and employee recruitment and remuneration, audit 
and accounting policies, risk management, strategy, 
health and safety and other specific subjects. 
Directors have the right to request that any concerns 
they have are recorded in the appropriate committee 
or Board minutes.
The Board reviews the operational and financial 
results of the Group on a monthly basis against a pre-
agreed set of performance targets operating within 
the delegated authorities, which are reviewed annually 
by the Board or as and when changes are required. 
In addition, the Board receives information obtained 
through a system of continuous financial planning 
which is used to better manage profit and cash flow 
forecasting, and to inform investment decision-
making. The formal financial plan for the forthcoming 
year is set out as a detailed proposition and authorised 
by the Board before the end of each year.
The Remuneration Committee
The members of the Remuneration Committee are 
John Maltby, Francesca Ecsery and Martin Edwards. 
This committee held three scheduled meetings in 
the year ended 31 December 2015. The primary duty 
of the Remuneration Committee is to supervise 
and advise the Group’s policy in relation to the 
remuneration of the Executive Directors and senior 
managers of the Group, on behalf of the Board. 
No Director may be involved in any decisions as 
to their own remuneration. Further details of the 
Remuneration Committee and remuneration policy 
are set out in the Directors’ Remuneration Report on 
pages 31-34.
Audit and Risk Management Committee
The members of the Audit and Risk Management 
Committee are John Maltby, Richard Squires and 
Francesca Ecsery. John Maltby is considered to have 
recent, relevant financial experience. The Chief 
Executive and Chief Financial Officer are normally 
invited to attend meetings of the Committee. The 
Committee met four times in the year ending 31 
December 2015.
The primary duty of the Audit and Risk Management 
Committee is to oversee the accounting and 
financial reporting process, the internal accounting 
practices, external audit arrangements and 
effectiveness of the Group’s risk management and 
internal control system. 
The Audit and Risk Management Committee also 
meets at least annually with the Group’s external 
auditors to review and agree the auditor services 
being provided to the Group, including any non-
audit services. It also meets with external auditors, 
without management being present, to discuss  
audit process.
Risk management and internal control
The Board has overall responsibility for the Group’s 
system of internal controls. The responsibility for 
reviewing the effectiveness of its internal control 
system has been delegated to the Audit and Risk 
Management Committee, which reviews this on 
an annual basis. The system of internal control is 
designed to manage, rather than eliminate, the risk 
of failure to achieve business objectives.
Going concern
The Group and Board closely monitor and manage 
liquidity. The Directors have taken account of 
the current financial position of the Group, its 
anticipated future performance and investment 
plans in assessing the Group’s going concern 
status. The Directors consider that the Group has 
adequate resources to continue in operation for 
the foreseeable future and continue to adopt the 
going concern basis in preparing the 2015 accounts. 
Further details on this can be found on page 49. 29
Strategic Report Directors’ Report Financial Statements
Directors’ Report  21 – 34 Directors’ Report
Directors’ responsibilities statement
The Directors are responsible for preparing the 
Annual Report and the financial statements in 
accordance with applicable law and regulations.
Company law requires the Directors to prepare 
financial statements for each financial year. Under 
this law, the Directors have prepared the Group 
and Parent Company Financial Statements in 
accordance with International Financial Reporting 
Standards (IFRSs) as adopted by the European 
Union. Under company law, the Directors must not 
approve the Financial Statements unless they are 
satisfied that they give a true and fair view of the 
state of affairs of the Group and the company and of 
the profit or loss of the Group for that period.
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and 
explain the company’s transactions and disclose 
with reasonable accuracy at any time the financial 
position of the company and the Group. They must 
also ensure that the Financial Statements comply 
with the Companies Act 2006. The Directors are 
also responsible for safeguarding the assets of 
the company and the Group and hence for taking 
reasonable steps for the prevention and detection of 
fraud and other irregularities.
The Directors are responsible for the maintenance 
and integrity of the company’s website. 
Note: Legislation in the United Kingdom  
governing the preparation and dissemination of 
Financial Statements may differ from legislation in 
other jurisdictions.
In preparing these Financial Statements, the Directors are required to:
  Select suitable accounting policies and then apply them consistently
  Make judgements and accounting estimates that are reasonable and prudent
  State whether applicable IFRSs as adopted by the European Union have been followed, subject to 
any material departures disclosed and explained in the financial statements
  Prepare the financial statements on the going concern basis unless it is inappropriate to presume 
that the company and the Group will continue in business
During the year, Good Energy announced that its partnership with the 
National Trust would continue for a further two years. 30
Referral Arrangements
The company has operated and continues to 
operate referral arrangements with the Liberal 
Democrats and the Green Party.  It considers these 
to be commercial arrangements, with a referral 
payment made for each customer referred by them 
to Good Energy.  However, the Companies Act 2006 
definitions of the making of political donations or 
the incurring of political expenditure are capable of a 
wide interpretation. In the interests of transparency, 
the company obtained shareholder approval for the 
referral arrangements at its Annual General Meeting 
in 2015 and anticipates requesting that authorisation 
be refreshed at the Annual General Meeting in 2016.
Disclosure of Information to Auditors
So far as each Director is aware, there is no relevant 
audit information of which the company’s auditors 
are unaware and each Director has taken all the 
steps that he/she ought to have taken as a Director 
in order to make himself/herself aware of any 
relevant audit information and to establish that the 
company’s auditors are aware of that information.
Employees
The Group’s employment policies follow best 
practice based on equal opportunities for all 
employees, irrespective of race, gender, nationality, 
colour, sexual orientation, disability, marital status, 
religion or age. All decisions relating to employment 
are objective, free from bias and based upon work 
criteria and individual merit. 
Stephen Rosser
Company Secretary
11 April 2016
Consultation with employees or their representatives 
has continued at all levels, with the aim of ensuring 
that views are taken into account when decisions 
are made that are likely to affect their interests 
and that all employees are aware of the financial 
and economic performance of the business. 
Communication with all employees continues 
through a variety of mechanisms, including regular 
team briefs and twice-yearly off-site all-company 
meetings.  A network of company champions was 
established during the year to encourage grassroots 
involvement and feedback on all aspects of working 
for Good Energy.
Reappointment of Auditors
PricewaterhouseCoopers LLP acted as auditors for 
the financial year to 31 December 2015. A resolution 
to reappoint PricewaterhouseCoopers LLP as auditors 
will be proposed at the Annual General Meeting.
By order of the Board 31
Strategic Report Directors’ Report Financial Statements
Directors’ Report  21 – 34 Directors’ Report
Directors’ 
Remuneration Report
Introduction
This report sets out the information about the 
remuneration of the Directors of the company for the 
year ended 31 December 2015. This report has been 
prepared in accordance with the requirements for 
AIM listed companies set out in the Companies Act 
2006 and the AIM rules.
Remuneration Committee and policy
Details of the company’s Remuneration Committee 
are set out on page 28. The Remuneration 
Committee has agreed a remuneration policy to 
ensure that the company is able to attract, retain 
and motivate its Executive Directors and senior 
management.
The Group operates in a competitive environment. 
It therefore sets out to provide competitive 
remuneration to all its employees, appropriate to the 
business environment and geographical location.
Name Position Date of contract Notice period 2015 Salary £
Juliet Davenport Chief Executive 2 August 2007 9 months 196,809
Denise Cockrem Chief  Financial Officer 22 January 2014 6 months 192,159
The company reserves the right to pay Executive Directors in lieu of notice.
The Group aims to align the interests of shareholders 
with those of Directors and senior management 
by giving the latter the opportunity to build up a 
shareholding interest in the company. In addition, it 
is proposing to introduce a long-term incentive plan 
(LTIP) for the Executive team.
Service agreements, notice periods and 
termination payments
Executive Directors
The service agreements for the Executive Directors 
are not for a fixed term and may in normal 
circumstances be terminated on the notice periods 
listed below: 32
Name Date of appointment Notice period 2015 Salary £
John Maltby 15  October 2012 3 months 41,303
Richard Squires 28 June 2011 3 months 28,050
Martin Edwards 7 May 2008 3 months 24,000
Francesca Ecsery 15 November 2012 3 months 20,910
It is the Board’s policy to allow the Executive Directors to accept directorships of other companies provided 
that they have obtained the consent of the Board.
The climate talks in Paris in 2015 represented a potential turning point in history. 
Chairman and Non-Executive Directors
The remuneration of the Chairman of the company 
and the Non-Executive Directors consists of fees 
that are paid monthly in arrears. Salaries are 
benchmarked on an annual basis. The Chairman 
and the Non-Executive Directors did not participate 
in any bonus scheme or long-term incentive 
reward schemes, nor did they accrue any pension 
entitlement. Following the publication in August 
2015 of HMRC’s express confirmation of the travel 
rules that apply to non-executive directors, the 
company reimburses non-executive directors’ travel 
expenses between home and the company’s Head 
Office. 
The key terms of the Non-Executives’ appointments 
are as follows: 33
Strategic Report Directors’ Report Financial Statements
Directors’ Report  21 – 34 Directors’ Report
Non-Executive 
Chairman
Salary/
fees £
P ension   
Contributions £
Benefits in 
kind £
Annual Bonus £
T otal  
2015 £
T otal 2014 £
John Maltby 41,303 - - - 41,303 40,800
Executive Directors
Juliet Davenport 196,809 23,868 2,063 nil 222,740 252,183
Denise Cockrem 192,159 18,200 1,598 nil 211,957 272,129
Garry Peagam* - - - - - 239,026
Non-Executive 
Directors
Richard Squires 28,050 - - - 28,050 28,050
Martin Edwards 24,000 - - - 24,000 24,000
Francesca Ecsery 20,910 - - - 20,910 33,456
T otal 503,231 42,068 3,661 nil 548,960 889,644
*Stepped down as Group Financial Director on 30th April 2014
Salary, annual bonus and benefits (Audited)
Directors and managers: 2015 bonus
No bonus was paid in 2015 to directors or managers 
and therefore no cost was included in the 2015 
financial results.  However, as the company had 
met its other non financial targets, it was agreed 
by the Remuneration Committee that 50% of the 
maximum bonus would be paid to directors and 
managers contingent on the completion of a site 
sale that commenced in 2015, but which could not 
be recognised in the financial results for that year. 
The profit on the site sales will be reported in the 
financial results for 2016, together with these related 
bonus costs but this site sale profit will be excluded 
from the financial results in 2016 for the purposes of 
calculating whether financial targets have been met 
for 2016 bonus purposes. 34
Name Date option granted Number of options Option price Exercised
Cancelled/
surrendered
Juliet Davenport 01/06/2004 35,000 £0.75 - -
Juliet Davenport 13/02/2012 86,956 £1.15 - -
Juliet Davenport 13/02/2012 17,390 £1.15 - -
Juliet Davenport 18/09/2012 189,052 £0.50 - -
Juliet Davenport 13/07/2013 144,000 £1.25 - -
Juliet Davenport 07/07/2015 80,350 £0 - -
Total - 552,748 - - -
Denise Cockrem 07/07/2015 21,822 £0 - -
Denise Cockrem 07/07/2015 200,000 £2.29 - -
T otal - 221,822 - - -
Richard Squires 13/02/2012 75,000 £1.15 - -
Overall T otal - 849,570 - - -
Directors’ share options (Audited)
Details of the Directors’ share options outstanding at 31 December 2015 are shown below. 35
35–38
T o the members of Good Energy Group PLC
Independent 
Auditors’ 
Report 36
Report on the financial 
statements
Our opinion
In our opinion:
•  Good Energy Group PLC’s group financial 
statements and parent company financial 
statements (the “financial statements”) give a 
true and fair view of the state of the Group’s and 
of the parent company’s affairs as at 31 December 
2015 and of the Group’s loss and the Group’s and 
the parent company’s cash flows for the year  
then ended;
• the Group financial statements have been 
properly prepared in accordance with International 
Financial Reporting Standards (“IFRSs”) as 
adopted by the European Union;
• the parent company financial statements have 
been properly prepared in accordance with 
IFRSs as adopted by the European Union and as 
applied in accordance with the provisions of the 
Companies Act 2006; and
• the financial statements have been prepared 
in accordance with the requirements of the 
Companies Act 2006.
What we have audited
The financial statements, included within the 
Annual Report & Financial Statements (the “Annual 
Report”), comprise:
• the Consolidated and Parent Company 
Statements of Financial Position as at 31 
December 2015;
• the Consolidated Statement of Comprehensive 
Income for the year then ended;
• the Consolidated and Parent Company 
Statements of Cash Flows for the year then ended;
• the Consolidated and Parent Company 
Statements of Changes in Equity for the year then 
ended; and
• the notes to the financial statements, which 
include a summary of significant accounting 
policies and other explanatory information.
Certain required disclosures have been presented 
elsewhere in the Annual Report, rather than in the 
notes to the financial statements. These are cross-
referenced from the financial statements and are 
identified as audited.
The financial reporting framework that has 
been applied in the preparation of the financial 
statements is IFRSs as adopted by the European 
Union, and applicable law and, as regards the 
parent company financial statements, as applied in 
accordance with the provisions of the Companies 
Act 2006.
In applying the financial reporting framework, 
the directors have made a number of subjective 
judgements, for example in respect of significant 
accounting estimates. In making such estimates, 
they have made assumptions and considered  
future events.
Independent Auditors’ Report to the  
members of Good Energy Group PLC. 37
Strategic Report Directors’ Report Financial Statements
Independent Auditors’ Report  
Opinion on other matter 
prescribed by the 
Companies Act 2006
In our opinion, the information given in the Strategic 
Report and the Directors’ Report for the financial 
year for which the financial statements are prepared 
is consistent with the financial statements.
Other matters on which 
we are required to 
report by exception
Adequacy of accounting records and 
information and explanations received
Under the Companies Act 2006 we are required to 
report to you if, in our opinion:
• we have not received all the information and 
explanations we require for our audit; or
• adequate accounting records have not been kept 
by the parent company, or returns adequate for our 
audit have not been received from branches not 
visited by us; or
• the parent company financial statements are not in 
agreement with the accounting records and returns.
We have no exceptions to report arising from  
this responsibility.
Directors’ remuneration
Under the Companies Act 2006 we are required to 
report to you if, in our opinion, certain disclosures 
of directors’ remuneration specified by law are not 
made. We have no exceptions to report arising from 
this responsibility.
Responsibilities for the 
financial statements 
and the audit
Our responsibilities and those of the 
directors
As explained more fully in the Directors’ 
Responsibilities Statement set out on page 29, the 
directors are responsible for the preparation of the 
financial statements and for being satisfied that they 
give a true and fair view.
Our responsibility is to audit and express an opinion 
on the financial statements in accordance with 
applicable law and International Standards on 
Auditing (UK and Ireland) (“ISAs (UK & Ireland)”). 
Those standards require us to comply with the 
Auditing Practices Board’s Ethical Standards  
for Auditors.
This report, including the opinions, has been 
prepared for and only for the company’s members as 
a body in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006 and for no other purpose. We 
do not, in giving these opinions, accept or assume 
responsibility for any other purpose or to any other 
person to whom this report is shown or into whose 
hands it may come save where expressly agreed by 
our prior consent in writing. 38
Colin Bates (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Bristol
11 April 2016
What an audit of financial statements 
involves
We conducted our audit in accordance with ISAs 
(UK & Ireland). An audit involves obtaining evidence 
about the amounts and disclosures in the financial 
statements sufficient to give reasonable assurance 
that the financial statements are free from material 
misstatement, whether caused by fraud or error. This 
includes an assessment of:
• whether the accounting policies are appropriate 
to the group’s and the parent company’s 
circumstances and have been consistently applied 
and adequately disclosed; 
• the reasonableness of significant accounting 
estimates made by the directors; and
• the overall presentation of the  
financial statements. 
We primarily focus our work in these areas by assessing 
the directors’ judgements against available evidence, 
forming our own judgements, and evaluating the 
disclosures in the financial statements.
We test and examine information, using sampling and 
other auditing techniques, to the extent we consider 
necessary to provide a reasonable basis for us to draw 
conclusions. We obtain audit evidence through testing 
the effectiveness of controls, substantive procedures 
or a combination of both. 
In addition, we read all the financial and non-financial 
information in the Annual Report to identify material 
inconsistencies with the audited financial statements 
and to identify any information that is apparently 
materially incorrect based on, or materially inconsistent 
with, the knowledge acquired by us in the course of 
performing the audit. If we become aware of any 
apparent material misstatements or inconsistencies 
we consider the implications for our report. 39
Strategic Report Directors’ Report Financial Statements
Delabole wind farm in 
Cornwall produces enough 
renewable electricity to power 
around 6,200 homes. Financial 
Statements
40–91
Consolidated Statement of Comprehensive Income  41 
Consolidated Statement of Financial Position  42 
Parent Company Statement of Financial Position  43 
Consolidated Statement of Changes in Equity  44 
Parent Company Statement of Changes in Equity  45 
Consolidated Statement of Cash Flows  46 
Parent Company Statement of Cash Flows  47 
Notes to the Financial Statements  48-90 
Directors and Corporate Resources  91 41
Strategic Report Directors’ Report Financial Statements
Consolidated Statement of Comprehensive Income 
For the year ended 31 December 2015
Note
2015
£000’s
2014
£000’s
REVENUE 5 64,281 57,618
Cost of Sales 5 (42,982) (38,782)
GROSS PROFIT 21,299 18,836
Administrative Expenses 6 (17,065) (15,045)
OPERATING PROFIT 6 4,234 3,791
Finance Income 10 23 87
Finance Costs (including exceptional items) 11 (4,129) (2,590)
PROFIT BEFORE TAX 128 1,288   
Taxation 12 (323) 520
(LOSS)/PROFIT FOR THE YEAR (195) 1,808
OTHER COMPREHENSIVE EXPENSE:
Items that may subsequently be reclassified to profit or loss
Loss on cash flow hedge - (328)
Other comprehensive expense for the year, net of tax - (328)
TOTAL COMPREHENSIVE (EXPENSE)/INCOME FOR THE YEAR  
ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY (195) 1,480
(Loss)/earnings per share                 
                                                                                                           -  Basic 13 (1.4p) 12.6p
                                                                                                           -  Diluted 13 (1.4p) 11.9p
 
The notes on pages 48 to 90 form part of these Financial Statements.
PROFIT BEFORE TAX AND EXCEPTIONAL FINANCE COSTS 128 2,169
Exceptional finance cost 11 - (881) 42
Consolidated Statement of Financial Position 
As at 31 December 2015 
Company registered no: 04000623 
Note
2015
£000’s
2014
£000’s
Non-current assets
Property, plant and equipment 14 60,984 44,729
Intangible assets 15 3,317 3,530
Restricted deposit accounts 3 2,803 -
Available-for-sale financial assets 16b 500 500
Total non- current assets 67,604 48,759
Current assets
Inventories 17 9,482 6,466
Trade and other receivables 18 11,598 10,281
Current tax receivable 12 126 109
Cash and cash equivalents 19 4,751 13,703
Total current assets 25,957 30,559
TOTAL ASSETS 93,561 79,318
Equity and Liabilities
Capital and reserves
Called up share capital 20 748 733
Share premium account 20 9,786 9,077
EBT shares 20 (1,074) (127)
Retained Earnings 7,483 8,260
Total equity attributable to members of the parent company 16,943 17,943
Non- current liabilities
Deferred taxation 21 567 15
Borrowings 22 55,911 39,676
Total non- ‐current liabilities 56,478 39,691
Current liabilities
Borrowings 22 5,626 6,608
Trade and other payables 23 14,514 15,076
Total current liabilities 20,140 21,684
Total liabilities 76,618 61,375
TOTAL EQUITY AND LIABILITIES 93,561 79,318
The Financial Statements on pages 41 to 90 were approved by the Board of Directors on 11 April 2016 and 
signed on its behalf by: 
The notes on pages 48 to 90 form part of these Financial Statements.
Juliet Davenport 
Chief Executive 
11 April 2016  43
Strategic Report Directors’ Report Financial Statements
Parent Company Statement of Financial Position 
As at 31 December 2015 
Company registered no: 04000623 
Note
2015
£000’s
2014
£000’s
Non-current assets
Investments 16a 35,206 29,941
Total non- current assets 35,206 29,941
Current assets
Trade and other receivables 18 22 365
Cash and cash equivalents 19 234 509
Total current assets 256 874
TOTAL ASSETS 35,462 30,815
Equity and Liabilities
Capital and reserves
Share capital 20 748 733
Share premium account 20 9,786 9,077
EBT shares 20 (1,074) (127)
Retained Earnings 4,713 4,071
Total Equity 14,173 13,754
Non- current liabilities
Borrowings 22 14,646 14,695
Total non- current liabilities 14,646 14,695
Current liabilities
Borrowings 22 6,511 2,272
Trade and other payables 23 132 94
Total current liabilities 6,643 2,366
Total liabilities 21,289 17,061
TOTAL EQUITY AND LIABILITIES 35,462 30,815
 
The Financial Statements on pages 41 to 90 were approved by the Board of Directors on 11 April 2016 and 
signed on its behalf by: 
The notes on pages 48 to 90 form part of these Financial Statements.
Juliet Davenport 
Chief Executive 
11 April 2016  44
Consolidated Statement of Changes in Equity 
For the year ended 31 December 2015
Note Share  
Capital
Share 
Premium 
Account
EBT 
Shares
Retained
Earnings
Total 
Equity
£000’s £000’s £000’s £000’s £000’s
At 1 January 2014 733 9,077 (236) 6,890 16,464
Profit for the year - - - 1,808 1,808
Other comprehensive expense for the year - - - (328) (328)
Total comprehensive income for the year - - - 1,480 1,480
Share based payments 26 - - - 30 30
Tax credit relating to share option scheme 21 - - - 311 311
Sale of shares by EBT 20 - - 109 21 130
Dividend Paid 24 - - - (472) (472)
Total contributions by and distributions 
to owners of the parent, recognised 
directly in equity - - 109 (110) (1)
At 31 December 2014 733 9,077 (127) 8,260 17,943
At 1 January 2015 733 9,077 (127) 8,260 17,943
Loss for the year - - - (195) (195)
Other comprehensive income for 
the year - - - - -
Total comprehensive expense for the year - - - (195) (195)
Share based payments 26 - - - 51 51
Tax charge relating to share option scheme 21 - - - (151) (151)
Issue of ordinary shares 20 15 709 - - 724
Purchase of shares by EBT 20 - - (1,150) - (1,150)
Sale of shares by EBT 20 - - 203 (4) 199   
Dividend Paid 24 - - - (478) (478)
Total contributions by and distributions 
to owners of the parent, recognised 
directly in equity 15 709 (947) (582) (805)
At 31 December 2015 748 9,786 (1,074) 7,483 16,943
The notes on pages 48 to 90 form part of these Financial Statements. 45
Strategic Report Directors’ Report Financial Statements
Parent Company Statement of Changes in Equity 
For the year ended 31 December 2015
Note Share  
Capital
Share 
Premium 
Account
EBT 
Shares
Retained
Earnings
Total 
Equity
£000’s £000’s £000’s £000’s £000’s
At 1 January 2014 733 9,077 (236) 1,602 11,176
Profit for the year and total 
comprehensive income - - - 2,920 2,920
Sale of shares by EBT 20 - - 109 21 130
Dividend Paid 24 - - - (472) (472)
Total contributions by and
distributions to owners of the parent, 
recognised directly in equity - - 109 (451) (342)
At 31 December 2014 733 9,077 (127) 4,071 13,754
At 1 January 2015 733 9,077 (127) 4,071 13,754
Profit for the year and total 
comprehensive income - - - 1,124 1,124
Issue of ordinary shares 20 15 709 - - 724
Purchase of shares by EBT 20 - - (1,150) - (1,150)
Sale of shares by EBT 20 - - 203 (4) 199
Dividend Paid 24 - - - (478) (478)
Total contributions by and 
distributions to owners of the parent, 
recognised directly in equity 15 709 (947) (482) (705)
At 31 December 2015 748 9,786 (1,074) 4,713 14,173
The notes on pages 48 to 90 form part of these Financial Statements. 46
Consolidated Statement of Cash Flows 
For the year ended 31 December 2015
Note 2015 2014
£000’s £000’s
Cash flows from operating activities
Cash generated from operations 25 1,590 3,697
Finance income 23 87
Finance cost (3,277) (2,644)
Income tax received/(paid) 59 (500)
Net cash flows (used in)/generated from operating 
activities (1,605) 640
Cash flows from investing activities
Purchase of property, plant and equipment (17,748) (18,316)
Purchase of intangible fixed assets 15 (492) (619)
Deposit into restricted accounts (2,803) -
Acquisition of unquoted investment - (500)
Net cash flows used in investing activities (21,043) (19,435)
Cash flows from financing activities
Payments of dividends 24 (451) (472)
Proceeds from borrowings  24,749 25,983
Repayment of borrowings (10,348) (11,035)
Capital repayments of finance leases - (83)
Purchase of own shares (453) -
Sale of own shares 199 130
Net cash flows generated from financing activities 13,696 14,523
Net decrease in cash and cash equivalents (8,952) (4,272)
Cash and cash equivalents at beginning of year 13,703 17,975
Cash and cash equivalents at end of year 4,751 13,703
 
The notes on pages 48 to 90 form part of these Financial Statements. 47
Strategic Report Directors’ Report Financial Statements
Parent Company Statement of Cash Flows 
For the year ended 31 December 2015
Note 2015 2014
£000’s £000’s
Cash flows from operating activities
Cash generated from operations 25 (1,204) 1,424
Finance income 786 -
Finance cost (1,195) (1,087)
Income tax paid (20) -
Net cash (used in)/generated from operating 
activities (1,633) 337
Cash flows from financing activities
Payment of dividends 24 (451) (472)
Repayment of borrowings (35) -
Intercompany loans movement 2,098 135
Purchase of own shares (453) -
Sale of own shares 199 130
Net cash generated from/(used in)financing 
activities 1,358 (207)
Net (decrease)/increase in cash and cash equivalents (275) 130
Cash and cash equivalents at beginning of year 509 379
Cash and cash equivalents at end of year 234 509
The notes on pages 48 to 90 form part of these Financial Statements. 48
Notes to the Financial Statements 
For the year ended 31 December 2015
1. General Information
Good Energy Group PLC is  listed on the Alternative Investment Market of the London Stock Exchange and is 
incorporated and domiciled in the United Kingdom.
The principal activities of Good Energy Group PLC are those of a holding and management company to the 
Group and a lender to, and seller of,  generation development sites.
The principal activities of its subsidiaries are: the purchase, generation and sale of electricity from renewable 
sources; the sale of gas; services relating to micro-renewable generation and the development of new 
electricity generation sites.
The purpose of the Annual Report and financial statements is to provide information to members of the 
company. It contains certain forward looking statements relating to the operations, performance and 
financial condition of the Group. By their nature these statements involve uncertainty since future events 
and circumstances can differ from those anticipated. Nothing in the Annual Report and financial statements 
should be construed as a profit forecast.
These financial statements are presented in pounds sterling because that is the currency of the primary 
economic environment in which the Group operates.
The principal accounting policies applied in preparation of these consolidated financial statements are set out 
below.  These policies have been consistently applied to all the years presented unless otherwise stated.
2. Summary of Significant Accounting Policies
2.1 Basis of preparation of financial statements
These financial statements have been prepared in accordance with International Financial Reporting 
Standards (IFRS) as adopted by the European Union and IFRS Interpretations Committee (IFRSIC) and with 
those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The financial statements have been prepared on a going concern basis and under the historical cost 
convention or historic cost modified by revaluation of financial assets and financial liabilities held at fair value 
through profit or loss.
The preparation of financial statements in conformity with IFRSs requires the use of estimates and 
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements 
and the reported amounts of revenues and expenses during the financial year.
Although these estimates are based on management’s reasonable knowledge of the amount, event or actions, 
actual results ultimately may differ from those estimates. The critical accounting judgements, estimates 
and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of 
assets and liabilities within the next financial year are discussed in note 4 and the following accounting policy 
notes: revenue recognition (2.5), property, plant and equipment (2.7), inventories (2.11) including generation 
development sites (2.11.3) and credit risk (3.1.3). 49
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
2. Summary of Significant Accounting Policies (continued)
2.2  Going concern 
The Group meets its day to day capital requirements through positive cash balances held on deposit 
or through its bank facilities.  The current economic conditions continue to create opportunities and 
uncertainties which can impact the level of demand for the Group’s products and the availability of bank 
finance for the foreseeable future.  The Group’s forecasts and projections , taking account of the possible 
changes in trading performance, show that the Group should be able to operate within the level of its  
current facilities.
After making enquires, the Directors have a reasonable expectation that the Group has adequate resources 
to continue in operational existence for the foreseeable future.  The Group therefore continues to adopt the 
going concern basis in preparing its consolidated financial statements.  Further information on the Group’s 
borrowings can be found in note 22. 
2.3 Change in accounting policies and disclosures
There have been a number of new standards and interpretations issued in 2015, none of which are yet 
effective.  At this stage, management have not applied these new standards in the preparation of these 
consolidated financial statements.   Management has yet to fully assess the impact of IFRS 9 Financial 
Instruments and IFRS 15 Revenue from Contracts with Customers which are both effective for the Group for 
its 2018 financial statements.
There are no other standards or interpretations that are not yet effective, that are expected to have a material 
effect on the Group’s net assets or results. 
2.4 Basis of consolidation
The Group financial statements incorporate the financial statements of the company and its subsidiaries 
and enterprises controlled by the company (and its subsidiaries) made up to 31 December each year. Control 
is achieved where the company has the power to govern the financial and operating policies of an investee 
enterprise so as to obtain benefits from its activities.
The acquisition of subsidiaries is accounted for using the purchase method. On acquisition, the identifiable 
assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values on the date of 
acquisition.  Consideration payable on acquisition is measured at fair value.
For business combinations made after 1 July 2009, costs directly attributable to the business  
combination are not included in the measurement of cost, but expensed in the income statement in line  
with IFRS 3 (revised).
The results of subsidiaries acquired or disposed of during the year are included in the Consolidated 
Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of 
disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting 
policies used into line with those used by other members of the Group.
Inter-company transactions and balances between Group enterprises are eliminated on consolidation. 50
Notes to the Financial Statements 
For the year ended 31 December 2015
2. Summary of Significant Accounting Policies (continued)
2.5 Revenue recognition 
Revenue represents the fair value of the consideration received or receivable for the provision of goods and 
services which fall within the Group’s ordinary activities, excluding transactions with or between subsidiaries. 
All revenue and profit before tax arose within the United Kingdom.
Revenue represents amounts recoverable from customers for supply of electricity, gas, generation of power 
and sale of generation development sites and is measured at the fair value of the consideration received or 
receivable, stated net of discounts, returns and value added taxes. The Group recognises revenue when the 
amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to 
the Group; and when specific criteria have been met for each of the Group’s activities, as described below.
2.5.1 Power supply
Revenue for the supply of electricity is accrued based on industry data flows and national grid data. These 
include an estimate of power used, based on the estimated annual consumption of each customer. Accrued 
income is superseded when customer meter reads are received at which point estimates are adjusted to 
actual usage. 
For gas, revenue is accrued based on information received from the Group’s gas shipper, which includes 
details of all the sites held, their estimated annual quantities of gas used adjusted by a pre-determined 
weather correction factor. This information is subsequently adjusted and invoiced based on customer and 
industry meter reads.
For electricity and gas supply, payment is collected either as a direct debit or paid on receipt of bill in arrears. 
Overdue amounts are reviewed regularly for impairment and provision made as necessary.
2.5.2 Feed-in Tariff (FIT) administration services
Good Energy provides FIT administration services to micro-generators who are signed up to the FIT scheme. 
For FIT services, revenue is earned from Ofgem for administering the scheme. For FIT services, revenue is 
recognised in two parts; there is an initial fee paid by Ofgem for taking on a generator, and then an ongoing 
amount that is received annually for provision of FIT services. The initial fee is spread over the ‘take on’ period 
for a new customer and the ongoing fee that is received is spread over the 12 month compliance period.
2.5.3 Renewable Obligation Certificates (ROCs) revenue recognition
ROCs are awarded to the Group from Ofgem based on generation of power. These ROCs are sold on receipt 
of certificate from Ofgem allowing transfer of title.
The amount of revenue recognised on sale is in accordance with a contractual agreement where the pricing is 
based on Ofgem’s minimum ROC value (the buy-out) and a prudent estimate of the re-cycle element of the 
final value of a ROC once all energy suppliers have complied or paid the penalty for non-compliance with the 
renewables obligation (the recycle). A final adjustment to ROC revenue and profit is recognised once Ofgem 
have announced the final out-turn ROC price. 51
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
2. Summary of Significant Accounting Policies (continued) 
2.5.4 Generation development site revenue recognition
Revenue is recognised on the completion date of the sale and purchase agreement pertaining to each site 
sold. Where there is contingent revenue included in the sale and purchase agreement, revenue is recognised 
based on management’s assessment of the likelihood of the contingent revenue being received based on 
latest information available.
2.6 Goodwill, intangible assets and amortisation 
Goodwill represents the excess of the cost of acquisition of a business combination over the Group’s share 
of the fair value of identifiable assets, liabilities and contingent liabilities of the business acquired at the 
date of acquisition and is carried as an indefinite life asset. Goodwill is initially recognised at cost. After initial 
recognition, goodwill is measured at cost less any accumulated impairment losses. Gains and losses on 
disposal of a business include the carrying amount of goodwill relating to the business sold.
At the date of acquisition, the amount of goodwill is allocated to cash generating units for the purpose of 
impairment testing and is tested annually for impairment, or more frequently if there is an indication that the 
value of the goodwill may be impaired.
2.6.1 Definite life intangible assets 
Definite life intangible assets comprise software licences and website development costs, which meet the 
criteria of IAS 38 “Intangible assets”.  The software licences and website development costs are carried at 
cost less accumulated amortisation and impairment losses. Cost comprises purchase price from third parties 
as well as directly attributable internally generated development costs where relevant.
2.6.2 Indefinite life intangible assets
The Power Supply Licence is held as an indefinite life intangible asset according to the criteria of IAS 38 
“Intangible assets”.  The Power Supply Licence is carried at cost less accumulated impairment losses. Cost 
comprises purchase price from third parties as well as directly attributable internally generated development 
costs where relevant.
2.6.3 Amortisation
Amortisation on definite life intangible assets is charged to the Consolidated Statement of Comprehensive 
Income on a straight-line basis over the estimated useful lives of intangible assets. The estimated useful 
lives for intangibles with definite lives are as follows:
 Software Licenses    between 3 and 10 years
 Website development costs   between 2 and 5 years 
Amortisation of intangible assets is included in the Consolidated Statement of Comprehensive Income in 
‘administrative expenses’. 52
Notes to the Financial Statements 
For the year ended 31 December 2015
2. Summary of Significant Accounting Policies (continued) 
2.6.4 Impairment
The Directors regularly review intangible assets for impairment and provision is made if necessary. Assets 
with an indefinite useful life, eg goodwill and the Power Supply Licence are not subject to amortisation and 
are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment 
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An 
impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable 
amount.  The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For 
the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately 
identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an 
impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
2.7 Property, plant and equipment 
Property, plant and equipment is stated at cost less depreciation. Cost includes the original purchase price 
of the asset and the costs attributable to bringing the asset to its working condition for its intended use. 
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual 
value, over their expected useful lives on the following bases: 
 Fixtures, fittings and equipment  between 3 and 5 years
 Leasehold improvements    over the life of the lease
 Generation  assets    between 24 and 29 years
 Assets under construction    not depreciated
The useful economic lives of assets and their residual values are reviewed on an annual basis and revised 
where considered appropriate.  The carrying value of property, plant and equipment is reviewed for 
impairment when events or changes in circumstance indicate that the carrying value may not be recoverable.
2.8 Investments
An undertaking is regarded as a subsidiary undertaking if the company has control over its operating and 
financial policies. Investments in subsidiary undertakings that are directly owned by the company are stated 
at cost less amounts written-off for any permanent diminution in value. 
2.9 Leases
Assets financed by leasing agreements that give rights approximating to ownership (finance leases) are 
capitalised at their fair value and depreciation or amortisation is provided over the lower of the useful life and 
term of the lease. The capital elements of future obligations under finance leases are included as liabilities 
in the Statement of Financial Position and the current year’s interest element, having been allocated to 
financial periods to give a constant periodic rate of charge on the outstanding liability, is charged to the 
Statement of Comprehensive Income.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain 
with the lessor are charged to the Statement of Comprehensive Income on a straight-line basis over the term 
of the lease. 53
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
2. Summary of Significant Accounting Policies (continued)
2.10 Pensions
The Group operates a defined contribution pension scheme. Under this scheme the Group pays contributions 
to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. 
The Group has no further payment obligations once the contributions have been paid. The contributions are 
recognised as an employee benefit expense when they are due. The pension charge for the year represents 
the amounts payable by the Group in respect of the year.
2.11 Inventories 
2.11.1 Renewable Obligation Certificates (ROCs)
Under the provisions of the Utilities Act 2000, all electricity suppliers are required to procure a set 
percentage of their supplies from accredited renewable electricity generators. This obligation can be fulfilled 
by the purchase and surrender of ROCs originally issued to generators, or by making payments to Ofgem 
who then recycle the payments to purchasers of ROCs. Notwithstanding that Good Energy Limited, a 
subsidiary company, supplies electricity sourced entirely from renewable generation over a 12 month period, 
its percentage obligation to submit ROCs is set by Ofgem.  The cost obligation is recognised as electricity is 
supplied and charged as a cost of sale in the Consolidated Statement of Comprehensive Income. Any gains 
or losses on disposal of ROCs which are in excess of the Group’s compliance obligations are included as an 
adjustment to the compliance cost included within cost of sales. ROCs are valued at the lower of purchase 
cost and estimated realisable value.
2.11.2 Levy Exemption Certificates (LECs)
The removal of Levy Exemption Certificates was announced by the Government in 2015, starting 1 August 
2015.  Excess inventory of LECs had been purchased by the company in the years prior to this date.  The 
cost of this inventory was written back to the income statement in 2015, resulting in a non-recurring credit.  
It will be utilised against the cost of Climate Change Levy for business customers until March 2018, with 
costs charged through the income statement.  LECs are valued at the lower of purchase cost and estimated 
realisable value.  
2.11.3 Generation development sites
The Group incurs costs in respect of generation development sites to secure development rights and 
planning permission to establish power generation units on a number of different sites. These are recognised 
as inventory at the lower of cost and net realisable value.
2.12 Current and deferred taxation 
The tax credit represents the sum of the tax currently receivable and deferred tax. The tax currently 
receivable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 
Statement of Comprehensive Income because it excludes items of income or expense that are taxable or 
deductible in other years and it further excludes items that are never taxable or deductible. The Group’s 
liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the 
end of each financial period.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of 
assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation 
of taxable profit, and is accounted for using the Statement of Financial Position liability method. Deferred tax 
liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the 
extent that it is probable that taxable profits will be available against which deductible temporary differences 
can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from 
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities 
in a transaction which affects neither the tax profit nor the accounting profit.  Deferred tax liabilities are 
recognised for taxable temporary differences arising in investments in subsidiaries except where the Group is 
able to control the reversal of the temporary difference and it is probable that the temporary difference will 
not reverse in the foreseeable future. 54
Notes to the Financial Statements 
For the year ended 31 December 2015
2. Summary of Significant Accounting Policies (continued) 
The carrying amount of deferred tax assets is reviewed at the end of each financial period and reduced to 
the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of 
the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply to the period 
when the asset is realised or the liability is settled. 
Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates 
to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. 
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax 
assets against current tax liabilities and when they relate to income taxes levied by the same taxation 
authority, and the Group intends to settle its current tax assets and liabilities on a net basis.
2.13 Available-for-sale financial assets
Equity instruments held by the Group and designated as available-for-sale are carried at fair value, with 
movements in fair value recognised in other comprehensive income. Where fair value cannot be reliably 
measured, the assets are approximated at cost. Cumulative fair value gains or losses on an asset are recycled 
through the income statement when the asset is disposed or impaired. A significant or prolonged decline 
in the fair value  of a security below its cost is considered as an indicator that the securities are impaired. 
Impairments are recognised in the income statement.
2.14 Financial instruments
The Group uses certain financial instruments in its operating and investing activities that are deemed 
appropriate for its strategy and circumstances.
Financial instruments recognised on the Consolidated Statement of Financial Position include cash and 
cash equivalents, trade receivables, trade payables and borrowings. Financial assets and liabilities are 
recognised on the Consolidated Statement of Financial Position when the company has become a party to 
the contractual provisions of the instrument.
2.14.1 Loans and receivables
The Group’s loans and receivables comprise trade and other receivables and cash and cash equivalents in 
the Consolidated Statement of Financial Position. These assets are non-derivative financial assets with 
fixed or determinable payments that are not quoted in an active market. They arise principally through the 
provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of 
contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly 
attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective 
interest rate method, less provision for impairment. Trade receivables are shown inclusive of unbilled 
amounts to customers and of payments made in advance by customers, reflecting the underlying nature of 
customer account balances.
Impairment provisions are recognised when there is objective evidence (such as significant financial 
difficulties on the part of the counter-party or default or significant delay in payment) that the Group will be 
unable to collect all of the amounts due under the terms receivable, the amount of such a provision being 
the difference between the net carrying amount and the present value of the future expected cash flows 
associated with the impaired receivable. For trade receivables, which are reported net, such provisions are 
recorded in a separate allowance account with the loss being recognised within administrative expenses in 
the Consolidated Statement of Comprehensive Income. On confirmation that the trade receivable will not be 
collectable, the gross carrying value of the asset is written off against the associated provision.
Cash and cash equivalents comprise cash on hand and on demand deposits, and other short term, highly 
liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant 
risk of changes in value. 55
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
2. Summary of Significant Accounting Policies (continued) 
Restricted deposits are held by financing providers to cover debt service and maintenance expenses on 
generation sites to which the funding relates.
Short-term security deposits are held by trading exchanges to cover short term electricity trades.
2.14.2 Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual 
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the 
assets of the Group after deducting all of its liabilities. 
2.14.3 Trade and other payables
Trade payables are obligations to pay for goods or services that have been acquired in the course of ordinary 
business from suppliers.  Accounts payable are classified as current liabilities if payment is due within one 
year or less.  If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently held at amortised cost.
2.14.4 Borrowings
The Group expenses borrowing costs over the term of the loan facility.  Where borrowing costs are 
attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as 
part of the specific asset. Details of the Group’s borrowings are included in note 22. 
2.15 Share based payments
The Group applies IFRS 2 to share based payments. The Group operates a share based payment 
compensation plan, under which the entity grants key employees the option to purchase shares in the 
company at a specified price maintained for a certain duration.
The Group operates an equity-settled, share-based compensation plan, under which the entity receives 
services from employees as consideration for equity instruments (options) of the Group. The fair value of the 
employee services received in exchange for the grant of the options is recognised as an expense. The total 
amount to be expensed is determined by reference to the fair value of the options granted:
•  including any market performance conditions; (for example, an entity’s share price)
•  excluding the impact of any service and non-market performance vesting conditions (for example, 
profitability, sales growth targets and remaining an employee of the entity over a specified time period) and
•  including the impact of any non-vesting conditions (for example, the requirement for employees to save).
Non-market performance and service conditions are included in assumptions about the number of options 
that are expected to vest. The total expense is recognised over the vesting period, which is the period over 
which all of the specified vesting conditions are to be satisfied.
At the end of each financial period, the Group revises its estimates of the number of options that are 
expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to 
original estimates, if any, in the Consolidated Statement of Comprehensive Income, with a corresponding 
adjustment to equity.
When the options are exercised, and the company issues new shares to meet that obligation, the proceeds 
received net of any directly attributable transaction costs are credited to share capital (nominal value) and 
share premium. 56
Notes to the Financial Statements 
For the year ended 31 December 2015
2. Summary of Significant Accounting Policies (continued) 
2.16 Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief 
operating decision maker. The chief operating decision maker has been identified as the Board of Directors. 
The Board of Directors review the Group’s internal reporting in order to assess performance and  
allocate resources. 
2.17 Share capital
Ordinary shares are classified as equity.  Incremental costs directly attributable to the issue of new ordinary 
shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.18 Finance income
Finance income is received in respect of cash deposits and is recognised using the effective interest method.  
When a loan and receivable is impaired, the Group reduces the carrying amount to its recoverable amount, 
being the estimated future cash flow discounted at the original effective interest rate of the instrument, and 
continues unwinding the discount as finance income.  Finance income on impaired loan and receivables is 
recognised using the original effective interest rates.
2.19 Exceptional items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to 
provide further understanding of the financial performance of the Group. They are material items of income 
or expense that have been shown separately due to the significance of their nature or amount. 
2.20 Dividend distribution
Dividend distribution to the company’s shareholders is recognised as a liability in the Group’s financial 
statements in the period in which the dividends are approved by the company’s shareholders.  57
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015 
3. Financial and Capital Risk Management
3.1 Financial risk factors 
The Group’s activities expose it to a variety of financial risks: liquidity risk, market risk (including currency 
risk, cash flow and fair value interest rate risk and commodity price risk) and credit risk.  The Group’s overall 
risk management programme focuses on the unpredictability of financial markets and seeks to minimise 
potential adverse effects on the Group’s financial performance.  The Group may use derivative financial 
instruments to hedge certain risk exposures. 
3.1.1 Liquidity risk  
Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet cash flow commitments 
associated with financial instruments. The Group has cash resources available to it and prepares, in the 
operating entities of the Group, forecasts for the forthcoming year which indicate that in the Directors’ 
opinion it will have sufficient resources to fund the continuation of trade. 
The Group monitors cash flow forecasts on a ‘rolling forecast’ basis to ensure it has sufficient cash to meet 
operational needs while maintaining enough headroom on its undrawn committed borrowing facilities at all 
times so as not to breach borrowing limits or covenants.
A liquidity analysis of financial instruments is provided below:
Parent Company
31 December 2015
Less than  
1 year
Between 
 1 and 2 years
Between  
2 and 5 years
Over 5 years
£000’s £000’s £000’s £000’s
Corporate bond 1,110 16,075 - -
Loan from group companies 6,389 - - -
Trade and other payables 132 - - -
Total 7,631 16,075 - -
Parent Company 
31 December 2014
Less than  
1 year
Between  
1 and 2 years
Between  
2 and 5 years
Over 5 years
£000’s £000’s £000’s £000’s
Corporate bond 1,088 1,088 16,189 -
Loan from group companies 2,272 - - -
Trade and other payables 94 - - -
Total 3,454 1,088 16,189 - 58
Notes to the Financial Statements 
For the year ended 31 December 2015
3. Financial and Capital Risk Management (continued)
Consolidated
31 December 2015
Less than  
1 year
Between 
 1 and 2 years
Between  
2 and 5 years
Over 5 years
£000’s £000’s £000’s £000’s
Borrowings 7,702 4,220 13,828 55,311
Corporate bond 1,110 16,075 - -
Trade and other payables 14,514 - - -
Total 23,326 20,295 13,828 55,311
Consolidated 
31 December 2014
Less than  
1 year
Between  
1 and 2 years
Between  
2 and 5 years
Over 5 years
£000’s £000’s £000’s £000’s
Borrowings 8,874 2,620 8,333 32,982
Corporate bond 1,088 1,088 16,189 -
Trade and other payables 15,076 - - -
Total 25,038 3,708 24,522 32,982
 
3.1.2  Market Risk 
3.1.2a Currency risk 
The Group is exposed to foreign exchange risk arising from the purchase of capital equipment  
items from European countries.  The primary currency exposure is with respect to the Euro.  Management 
have set up a policy, that when it is deemed appropriate, the Group will forward buy euros against major 
contracts to reduce foreign exchange exposure. As at 31 December 2015 no euros (2014: nil) were  
purchased forward.  
3.1.2b Cash flow and fair value interest rate risk 
The financial risk is the risk to the Group’s earnings that arises from fluctuations in interest rates and the 
degree of volatility of these rates. For short-term bank overdraft facilities, the Group does not use derivative 
instruments to reduce its exposure to interest rate fluctuations as the policy of the Group is not to rely on 
short-term borrowing facilities for any significant duration. The Directors use interest rate swaps if they 
consider their exposure to interest rate risk to be material. For long term borrowings, the Group may use 
interest rate swaps to fix the interest rate payable on these material balances in order to mitigate the risk of 
any fluctuations in interest rates. 
3.1.2c  Commodity price risk 
The Group’s operations results in exposure to fluctuations in energy prices. Management monitors energy 
prices and analyses supply and demand volumes to manage exposure to these risks. The Group typically 
buys power forwards in order to mitigate some of the risk of commodity price fluctuations.
If the wholesale market moves significantly upwards or downwards, the price risk to the Group will depend 
upon a number of factors including the excess or deficiency of power being supplied by renewable power 
purchase contracts in place at the time. The Group may be required to pass on the price risk to customers. 
Retail prices can be amended with 30 days’ advance notification to customers. The Group closely monitors 
movements in the wholesale market and assess trends so it is ready to take necessary action when required.
Vertical integration of the Group helps further mitigate exposure to to changes in power prices.   59
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015   
3. Financial and Capital Risk Management (continued) 
3.1.3  Credit risk  
The Group’s exposure to credit risk arises from its receivables from customers. At 31 December 2015 and 
2014, the Group’s trade and other receivables were classed as due within one year, details of which are 
included in note 18. The Group’s policy is to undertake credit checks where appropriate on new customers 
and to provide for doubtful debts based on estimated irrecoverable amounts determined by reference to 
specific circumstances and past default experience. Credit risk is also in part mitigated by the policy to 
offer direct debit as a preferred method of payment for customers. At the end of the reporting period the 
Directors have provided for specific doubtful debts and believe that there is no further credit risk. Should 
the level of bad debt increase by 0.25 per cent, this would have an impact of £44,000 on the Statement of 
Comprehensive Income.
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions. 
The Directors monitor credit quality of the institutions used when considering which banks and financial 
institutions funds should be placed with.
3.2 Capital risk management  
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going 
concern in order to provide returns to shareholders, and to maintain an optimal capital structure. 
The Group monitors capital on the basis of the gearing ratio calculated as net debt divided by total capital. 
Net debt is calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the 
Consolidated Statement of Financial Position) less cash and cash equivalents.  T otal capital is calculated as 
‘equity’ as shown in the consolidated statement of financial position plus net debt.  The capital structure of 
the Group is as follows:
Note 2015 2014
£000’s £000’s
Total borrowings 22 61,537 46,284
Less: cash in restricted deposit accounts (2,803) -
Less: cash and cash equivalents 19 (4,751) (13,703)
Net debt 53,983 32,581
Total equity 16,943 17,943
Total capital 70,926 50,524
Gearing ratio 76.1% 64.5%
  
During 2015, the Group’s strategy, which was unchanged from 2014, was to seek debt funding at appropriate 
margins from lenders against long term power generation assets.  These assets have highly predictable 
revenue streams and are considered stable for long term borrowing.  In future, in order to maintain or adjust 
its capital structure,  the Group may re-structure its debt, issue new shares or sell assets.
The Group’s borrowings are subject to maintaining covenants as defined by the debt funders. Throughout the 
year ended 31 December 2015 the Group complied with all external borrowing covenants and management 
monitors the continued compliance with these covenants on a monthly or quarterly basis. 60
Notes to the Financial Statements 
For the year ended 31 December 2015
3. Financial and Capital Risk Management (continued) 
3.3 Fair value estimation
The table below presents the Group’s financial assets that are measured at fair value, by valuation method at 
31 December 2015.  The different levels have been defined as follows:
-Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
-Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either 
directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2);
-Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) 
(Level 3);
If one or more of the significant inputs is not based on observable market data, the instrument is included  
in Level 3.  Specific valuation techniques used to value the unlisted securities included the assessment of  
the current status of the project and a review of any changes to circumstances since the initial acquisition  
of shares.
2015 Level 1 Level 2 Level 3 Total
£000’s £000’s £000’s £000’s
Assets
Available for sale financial assets
Unlisted securities - - 500 500
Total assets - - 500 500
2014 Level 1 Level 2 Level 3 Total
£000’s £000’s £000’s £000’s
Assets
Available for sale financial assets
Unlisted securities - - 500 500
Total assets - - 500 500
There were no changes in Level 3 instruments for the year ended 31 December 2015. 61
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
4. Critical Accounting Estimates
In the process of applying the Group’s accounting policies, management has to make judgements and 
estimates that have a significant effect on the amounts recognised in the financial statements. These 
estimates and judgements are evaluated continually and are based on historical experience and other factors, 
including expectations of future events. The most critical of these accounting judgements and estimates are 
detailed below. Given the nature of the estimates and judgements made, unless explicitly stated otherwise, it 
is not appropriate to provide a sensitivity analysis of the judgements and estimates noted.
4.1 Revenue recognition
Revenue calculated from energy sales includes an estimate of the value of electricity or gas supplied to 
customers between the date of the last meter reading and the end of the reporting period. This will have been 
estimated by using historical consumption patterns and data available, and takes into consideration industry 
reconciliation processes, upon which the Group takes a prudent position until final reconciliation data is 
available from the industry fourteen months after the supply date.
4.2 Power purchase costs
Power purchase costs can typically take 14 months from the date of supply to be finalised due to the 
processes that the energy market has to complete in order to finalise generation and consumption data for 
any one particular month. Therefore there is an element of power purchase costs that needs to be estimated 
based on a combination of in-house and industry data that is available at any particular point in time.
4.3 Inventories
The Group carries ROCs as stock in its balance sheet. These are valued at the lower of cost or estimated 
realisable value. Gains or losses made on ROCs which are subsequently sold, are only recognised in the 
Statement of Comprehensive Income when they crystallise. 
The final out-turn value of a ROC is only published by Ofgem in October following the compliance year (April 
to March) which may require a final adjustment to gains or losses on the sale or purchase of ROCs previously 
recognised in the Consolidated Statement of Comprehensive Income. 62
Notes to the Financial Statements 
For the year ended 31 December 2015
4. Critical Accounting Estimates (continued) 
4.4 Provisions for bad and doubtful debt
The assessments undertaken in recognising provisions have been made in accordance with IAS 39. A 
provision for impairment of trade receivables is established when there is objective evidence that the 
group will not be able to collect all amounts due according to the original terms of the receivables. 
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial 
reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered 
indicators that the trade receivable is impaired. 
The amount of any loss is recognised in the income statement within administrative expenses.  
Subsequent recoveries of amounts previously written off are credited against administrative expenses in  
the income statement.
4.5 Recoverability of capitalised generation project costs and generation assets
Generation project costs capitalised in inventory are reviewed by management on a monthly basis. Where 
management deem that on the balance of probability, the likely planning outcome for a given generation 
site will prevent it being constructed or sold, a write off provision is made for the full amount of the inventory 
relating to that site after excluding an assessment of recoverable costs. Where possible, recoverable costs 
will be estimated based on known market values.
The carrying value of the generating sites is considered in relation to the value in use and a provision will be 
recognised for any excess.  For the current year no provision was deemed necessary.
5. Segmental Analysis
The chief operating decision-maker has been identified as the Board of Directors (the ‘Board’). The Board 
reviews the Group’s internal reporting in order to assess performance and allocate resources. Management 
has determined the operating segments based on these reports.  The Board considers the business from  
a business class perspective, with each of the main trading subsidiaries accounting for each of the  
business classes. 
The main segments are:-
 •      Supply Companies (including electricity supply, FIT administration and gas supply); 
 •      Electricity Generation Companies (including wind and solar generation companies);
 •      Generation Development (including early stage development companies)
 •      Holding companies, being the activity of Good Energy Group PLC.
The Board assesses the performance of the operating segments based primarily on summary financial 
information, extracts of which are reproduced below.  An analysis of profit and loss, assets and liabilities and 
additions to non-current asset, by class of business, with a reconciliation of segmental analysis to reported 
results follows:  63
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
5. Segmental Analysis (continued)
Year ended 31 
December 2015
Electricity 
Supply 
FIT 
admin-
istration
Gas 
Supply
Total 
Supply 
Companies
Electricity 
Generation
Generation 
Development
Holding 
Companies/
Consolidation
Adjustments
Total 
£000’s £000’s £000’s £000’s      £000’s £000’s £000’s £000’s
Revenue
Revenue 
from external 
customers 40,192 3,902 16,411 60,505 3,576 200 - 64,281
Inter-segment 
revenue - - - - 3,882 - (3,882) -
Total revenue 40,192 3,902 16,411 60,505 7,458 200 (3,882) 64,281
Expenditure
Cost of sales (24,542) (1,655) (12,987) (39,184) (3,440) (358) - (42,982)
Inter-segment 
cost of sales (3,882) - - (3,882) - - 3,882 -
Gross profit 11,768 2,247 3,424 17,439 4,018 (158) - 21,299
Administrative 
expenses (12,877) (353) (1,448) (1,408) (16,086)
Depreciation & 
amortisation (975) - (3) (1) (979)
Operating 
profit/(loss) 3,587 3,665 (1,609) (1,409) 4,234
Net finance 
income/(costs) 136 (4,301) (494) 553 (4,106)
Profit/(loss) 
before tax 3,723 (636) (2,103) (856) 128
Segments assets & liabilities
Segment 
assets 34,628 96,091 6,778 (43,936) 93,561
Segment 
liabilities 29,040 94,239 12,414 (59,075) 76,618
Net assets/
(liabilities)
5,588 1,852 (5,636) 15,139 16,943
Additions to 
non- current 
assets 755 18,090 - - 18,845
  64
Notes to the Financial Statements 
For the year ended 31 December 2015
5. Segmental Analysis (continued)
Year ended 31 
December 2014
Electricity 
Supply
FIT 
admin-
istration
Gas 
Supply
Total  
Supply 
Companies 
Electricity 
Generation
Generation 
Development
Holding
Companies/
consolidation 
adjustments
Total 
£000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s
Revenue
Revenue from 
external
customers 31,593 2,544 11,568 45,705 1,754 10,159 - 57,618
Inter-segment
revenue - - - - 2,106 - (2,106) -
Total Revenue 31,593 2,544 11,568 45,705 3,860 10,159 (2,106) 57,618
Expenditure
Cost of sales (19,789) (1,619) (9,064) (30,472) (1,840) (6,470) - (38,782)
Inter-segment cost 
of sales (2,106) - - (2,106) - - 2,106 -
Gross Profit 9,698 925 2,504 13,127 2,020 3,689 - 18,836
Administrative 
expenses (11,812) (271) (1,251) (895) (14,229)
Depreciation & 
amortisation (808) - (4) (4) (816)
Operating profit/
(loss) 507 1,749 2,434 (899) 3,791
Net finance
(costs)/income (13) (2,346) (430) 286 (2,503)
Profit/(loss) 
before tax 494 (597) 2,004 (613) 1,288
Segments assets & liabilities
Segment assets 21,910 63,214 13,626 (19,432) 79,318
Segment liabilities (15,000) (58,518) (16,889) 29,032 (61,375)
Net assets/
(liabilities) 6,910 4,696 (3,263) 9,600 17,943
Additions to
non- ‐current 
assets 247 25,208 - - 25,455
All turnover arose within the United Kingdom.
Consolidation adjustments relate to inter-company sales of generated electricity and the elimination of  
inter-company balances. 65
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
6. Operating Profit and Administrative Expenses
Note 2015 2014
£000’s £000’s
The operating profit is stated after charging:
Depreciation of property, plant and equipment 14 2,351 1,347
Amortisation of intangible assets 15 705 567
Operating lease rentals 676 329
Auditors’ Remuneration
Audit of parent and consolidated financial statements 27 27
Audit of subsidiaries 108 95
Subtotal (audit) 135 122
Other services - financial statement preparation 25 22
Other services 34 -
Tax services 60 20
Subtotal (non-audit) 119 42
The administrative expenses comprise the following:
Staff costs 7,345 6,640
Rent and office costs 3,573 3,759
Marketing costs 1,776 1,619
Professional fees and bank charges 2,152 1,528
Bad Debts 1,240 633
Depreciation and amortisation 979 866
Total 17,065 15,045
 
7. Profit of the Parent Company
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the 
parent company is not presented as part of these financial statements.  
The parent company’s profit for the financial year was £1,123,794 (2014: profit £2,919,980). 
The profit for the parent company in 2014 included part of the proceeds from the sale of West Raynham solar 
site.  In the segmental analysis 100% of the proceeds from West Raynham were shown within Generation 
Development reflecting the operational performance of the segment.   66
Notes to the Financial Statements 
For the year ended 31 December 2015
8. Staff Costs
Staff costs, including Directors’ remuneration, were as follows:
2015 2014
£000’s £000’s
Wages and salaries 8,741 7,651
Social security costs 866 798
Share based payments 51 30
Other pension costs 343 334
Total staff costs 10,001 8,813
Capitalised staff costs (729) (1,233)
Total expensed staff costs 9,272 7,580
 
Details of share based payments can be found in note 26
The average monthly number of employees, including the Directors, during the year was as follows:
2015 2014
Number Number
Operations 135 101
Business services 141 127
Total management and administration 276 228
9. Directors’ and Key Management Remuneration
Directors’ and Key Management emoluments 2015 2014
£000’s £000’s
Aggregate emoluments 922 1,208
Contributions to money purchase pension schemes 69 57
 
Key management are considered to be the directors of Good Energy Group PLC and the executive team.  The 
emoluments relating to these teams are included in the table above.
During the year retirement benefits were accruing to 2 Directors of the Group (2014: 3) in respect of money 
purchase pension schemes.
In respect of the highest paid Director, the Group paid remuneration of £222,740 (2014: £252,183), including 
contributions to the money purchase pension scheme of £23,868 (2014: £22,950).
Individual remuneration for the Directors is set by the Remuneration Committee of the Board which consists 
entirely of Non-Executive Directors. Appropriate keyman insurance policies are in place.
During the year, no share options were exercised by Directors or key management (2014: 117,616).  The 
aggregate amount of gains made by directors or key management on the exercise of share options was nil 
(2014: £187,077).
Details of Directors’ emoluments are given in the Directors’ Remuneration Report on page 31. 67
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015 
10. Finance Income
2015 2014
£000’s £000’s
Bank and other interest receivables 23 87
11. Finance Costs
2015 2014
£000’s £000’s
On bank loans and overdrafts 3,192 1,467
On corporate bond 1,110 929
Other interest payable 1 56
Amortisation of debt issue costs 327 196
Exceptional finance cost on repayment of borrowings - 881
Total finance costs 4,630 3,529
Less: amounts capitalised on qualifying assets (501) (939)
Total 4,129 2,590
12. T axation
2015 2014
£000’s £000’s
Analysis of tax charge in year
Current tax (see note below)
Current Tax 165 -
Adjustments in respect of prior years (243) (108)
Total current tax (78) (108)
Deferred tax
Origination and reversal of temporary differences (132) (420)
Adjustments in respect of prior years 533 8
Total deferred tax (see note 21) 401 (412)
Tax on profit on ordinary activities 323 (520)
Adjustments in respect of prior years’ deferred tax amounts are from updated assumptions used in the 
treatment of Group relieved losses and capital allowances and also relate to the reduction arising due to carry 
back of losses to previous years. 68
Notes to the Financial Statements 
For the year ended 31 December 2015 
12. T axation (continued) 
Factors affecting the tax credit for the year
The tax assessed for the year is higher (2014: lower) than the standard weighted average rate of corporation 
tax in the UK of 20.25% (2014: 21.50%). The differences are explained as follows:
2015 2014
£000’s £000’s
Profit before tax 128 1,288
Profit before tax multiplied by the weighted average rate of 
Corporation Tax in the UK of 20.25% (2014: 21.50%) 26 277
Tax effects of:
Expenses not deductible for tax purposes (9) (2)
Non-taxable gain on sale of investment - (728)
Effects of changes in tax rate 16 33
Prior year adjustment - current tax (243) (108)
Prior year adjustment - deferred tax 533 8
Total tax charge/(cedit) for year 323 (520)
 
Factors that may affect future tax charges
The main corporation tax rate was reduced from 21% to 20% from 1 April 2015 under the Finance Act 2013.  
Accordingly the company’s profits are taxed at an effective rate of 20.25%.  The July 2015 Budget Statement 
announced changes to the UK Corporation tax rate which will reduce the main rate of corporation tax to 19% 
from 1 April 2017 and to 18% from 1 April 2020.  These changes were substantively enacted on 26 October 
2015 and accordingly the deferred tax balance has been calculated using a rate of 18%. On 17 March 2016 the 
Government announced that on 1 April 2010 the rate of corporation tax will reduce to 17%.
Corporation tax payable/(recoverable) as per Statement of Financial Position
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
UK Corporation Tax on profits for the year - - (126) (109) 69
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015 
13. (Loss)/Earnings Per Ordinary Share
Basic
Basic (loss)/earnings per share is calculated by dividing the (loss)/profit attributable to owners of the 
company by the weighted average number of ordinary shares during the year after excluding 521,989 (2014: 
208,863) shares held by Clarke Willmott Trust Corporation Limited in trust for the Good Energy Group 
Employee Benefit Trust.
Consolidated
2015 2014
(Loss)/profit attributable to owners of the Company (£000’s) (195) 1,808
Basic weighted average number of ordinary shares (000’s) 14,455 14,322
Basic (loss)/earnings per share (1.4p) 12.6p
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares to 
assume conversion of all potentially dilutive ordinary shares.  Potentially dilutive ordinary shares arise 
from awards made under the Group’s share-based incentive plans.  Where the vesting of these awards is 
contingent on satisfying a service or performance condition, the number of potentially dilutive ordinary 
shares is calculated based on the status of the condition at the end of the year.  Potentially dilutive ordinary 
shares are actually dilutive only when the average market price of the company’s ordinary shares during the 
year exceeds their exercise price (options) or issue price (other awards).  The greater any such excess, the 
greater the dilutive effect.  In accordance with IAS 33 ‘Earnings per share’, for the purposes of calculating 
diluted loss per share, the effect of potentially dilutive ordinary shares has not been taken into account 
for the year ended 31 December 2015 due to there being a loss for the year.  The average market price of 
the company’s ordinary shares during the year was 222p (2014: 243p).  The dilutive effect of share-based 
incentives was nil (2014: 863,326 shares).
Consolidated
2015 2014
(Loss)/profit attributable to owners of the Company (£000’s) (195) 1,808
Weighted average number of diluted ordinary shares (000’s) 14,455 15,185
Diluted (loss)/earnings per share (1.4p) 11.9p 70
Notes to the Financial Statements 
For the year ended 31 December 2015 
14.  Property, Plant and Equipment
Consolidated
Year ended 31 
December 2015
Leasehold 
improvements
Furniture,
fittings & 
equipment
Generation 
assets
Assets under
construction
Total
£000’s £000’s £000’s £000’s £000’s
Cost
At 1 January 2015 247 1,193 35,239 11,659 48,338
Transfer of Assets under 
construction to Generation assets
- - 11,659 (11,659) -
Reclassification of assets 45 (45) - - -
Additions 137 120 18,349 - 18,606
Disposals - (393) - - (393)
At 31 December 2015 429 875 65,247 - 66,551
Accumulated depreciation
At 1 January 2015 (156) (861) (2,592) - (3,609)
Charge for the year (118) (157) (2,076) - (2,351)
Disposals - 393 - - 393
At 31 December 2015 (274) (625) (4,668) - (5,567)
Net book value
At 1 January 2015 91 332 32,647 11,659 44,729
At 31 December 2015 155 250 60,579 - 60,984
Consolidated
Year ended 31 December 2014
Leasehold 
improvements
Furniture, 
fittings & 
equipment
Generation 
assets
Assets under
construction
Total
£000’s £000’s £000’s £000’s £000’s
Cost
At 1 January 2014 212 980 11,733 9,449 22,374
Transfer of Assets under 
construction to Generation assets
9,449 (9,449) -
Additions 35 213 14,057 11,659 25,964
At 31 December 2014 247 1,193 35,239 11,659 48,338
Accumulated depreciation
At 1 January 2014 (103) (672) (1,487) - (2,262)
Charge for the year (53) (189) (1,105) - (1,347)
At 31 December 2014 (156) (861) (2,592) - (3,609)
Net book value
At 1 January 2014 109 308 10,246 9,449 20,112
At 31 December 2014 91 332 32,647 11,659 44,729
The Generation assets relate to electricity generating assets (wind turbines, solar panels and ancillaries).  
Those assets held within the company’s subsidiaries: Good Energy Delabole Wind Farm Limited; Good Energy 
Hampole Wind Farm Limited; Good Energy Woolbridge Solar Park Limited; Good Energy Creathorne Solar 
Park Limited, Good Energy Rook Wood Solar Park Limited, Good Energy Carloggas Solar Park Limited, Good 
Energy Lower End Solar Park Limited and Good Energy Cross Roads Solar Park Limited have been pledged as 
security against bank and other loan liabilities.  There is no charge against the assets held within Good Energy 
Oaklands Plantation Solar Park Limited. 71
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
15.  Intangible Assets
Consolidated
Year ended 31 December 2015
Power supply 
Licences
Software 
Licences
Website 
development 
costs
Goodwill Total
£000’s £000’s £000’s £000’s £000’s
Cost
At 1 January 2015 180 3,868 132 1,446 5,626
Additions - 492 - - 492
Disposals - (1,009) (123) - (1,132)
At 31 December 2015 180 3,351 9 1,446 4,986
Accumulated amortisation
At 1 January 2015 - (1,964) (132) - (2,096)
Charge for the year - (705) - (705)
Disposals - 1,009 123 - 1,132
At 31 December 2015 - (1,660) (9) - (1,669)
Net book value
At 1 January 2015 180 1,904 - 1,446 3,530
At 31 December 2015 180 1,691 - 1,446 3,317
Consolidated
Year ended 31 December 2014
Power 
supply
Licences
 Software
Licences 
Website 
development 
costs 
Goodwill Total 
£000’s £000’s £000’s £000’s £000’s
Cost
At 1 January 2014 180 3,249 132 1,446 5,007
Additions - 619 - - 619
At 31 December 2014 180 3,868 132 1,446 5,626
Accumulated amortisation
At 1 January 2014 - (1,400) (129) - (1,529)
Charge for the year - (564) (3) - (567)
At 31 December 2014 - (1,964) (132) - (2,096)
Net book value
At 1 January 2014 180 1,849 3 1,446 3,478
At 31 December 2014 180 1,904 - 1,446 3,530 72
Notes to the Financial Statements 
For the year ended 31 December 2015 
15.  Intangible Assets (continued)
All amortisation amounts are included within administration expenses.
Goodwill of £1,446,453 (2014: £1,446,453) comprises £1,060,996 (2014: £1,060,996) arising from the original 
acquisition of Good Energy Limited, and £385,457 (2014: £385,457) from the original acquisition of the wind 
farm at Delabole. 
The carrying values of indefinite life assets included in intangible assets are: goodwill of £1,446,453 (2014: 
£1,446,453) and Power Supply Licence of £180,000 (2014: £180,000) which relates to the subsidiary, Good 
Energy Limited. In arriving at the conclusion that these assets have an indefinite life, management considers the 
fact that the Group is a profitable business and expects to hold and support these assets for an indefinite period.
An impairment review is undertaken annually or more frequently, using value in use calculations, based  
on pre tax cash flow projections over a five year period approved by management and discounted at 
appropriate rates.
The result of this review was that no impairment is required in respect of the carrying values of the indefinite 
life assets. The key assumptions for value in use are as follows:
Value in use assumptions 2015 2014
Gross margin* 20%-30% 26%
Growth rate beyond five year plan 2% 2%
Pre tax discount rate 11% 11%
 
*annual margins have been modelled in the five year cashflow at varying levels.
Based on these assumptions the Directors consider there to be significant headroom and the assumptions 
accordingly are not sensitive. 73
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
16a.  Investments and Subsidiaries
Parent Company
Year ended 31 December 2015
Shares in Group
undertakings
Loans to Group 
undertakings Total
£000’s £000’s £000’s
Cost and net book value
At 1 January 2015 4,646 25,295 29,941
Additions - 56,555 56,555
Provisions - (6,000) (6,000)
Repayments - (45,290) (45,290)
At 31 December 2015 4,646 30,560 35,206
A provision has been recorded against the intercompany loan receivable from Good Energy Generation 
Limited. This has no impact on the consolidated results of the Group.
Parent Company 
Year ended 31 December 2014
Shares in Group 
undertakings
Loans to Group 
undertakings Total
£000’s £000’s £000’s
Cost and Net book value
At 1 January 2014 9,081 18,647 27,728
Intra-group share transfers (4,435) 4,435 -
Additions - 65,763 65,763
Repayments - (63,550) (63,550)
At 31 December 2014 4,646 25,295 29,941 74
Notes to the Financial Statements 
For the year ended 31 December 2015 
16a.  Investments and Subsidiaries (continued)
The Group had the following subsidiaries at 31 December 2015:
Name
 
Country of 
incorporation and 
place of business
Proportion of ordinary 
shares directly held 
by Parent
Nature of business
Good Energy Limited UK 100%
supply of renewably 
sourced electricity and FIT 
administration
Good Energy Gas Limited UK 100% supply of gas
Good Energy Generation Limited UK 100%
an investor in potential new 
generation sites
Good Energy Generation Holding 
Company No.1 Limited UK 100%
holding company for a 
generating asset sub group
Good Energy Generation Assets  
No.1 Limited* UK 100%
holding company for 
generating assets 
subsidiaries
Good Energy Hampole Windfarm 
Limited* UK 100%
generation of electric power 
by wind turbine machinery
Good Energy Woolbridge Solar 
Park Limited* UK 100%
generation of electric power 
by solar panels
Good Energy Creathorne Solar 
Park Limited* UK 100%
generation of electric power 
by solar panels
Good Energy Rook Wood Solar 
Park Limited* UK 100%
generation of electric power 
by solar panels
Good Energy Carloggas Solar 
Park Limited* UK 100%
generation of electric power 
by solar panels
Good Energy Lower End Solar 
Park Limited* UK 100%
generation of electric power 
by solar panels
Good Energy Cross Roads 
Plantation Solar Park Limited* UK 100%
generation of electric power 
by solar panels
Good Energy Delabole Wind 
Farm Limited UK 100%
generation of electric power 
by wind turbine machinery
Good Energy Cedar Windfarm 
Limited UK 85%
development of an energy 
generating asset
Good Energy Lanyon Solar Park 
Limited UK 100%
development of an energy 
generating asset
Good Energy Mapperton Solar 
Park Limited UK 100%
development of an energy 
generating asset
Good Energy Brynwhilach Solar 
Park Limited UK 100%
development of an energy 
generating asset
Good Energy Oaklands 
Plantation Solar Park Limited UK 100%
development of an energy 
generating asset
Good Energy Tidal Limited UK 100% investment holding company 75
Strategic Report Directors’ Report Financial Statements
Good Energy Development (No.1) 
Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.2) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.3) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.4) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.5) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.6) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.7) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.8) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.9) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.10) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.12) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.14) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.15) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.16) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.17) Limited UK 100%
development of an energy 
generating asset
Llangyfelach Community Solar 
Farm C.I.C UK 100%
development of an energy 
generating asset
Worminster Down Somerset 
Community Solar Farm C.I.C UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.20) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.21) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.22) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.23) Limited UK 100%
development of an energy 
generating asset
Notes to the Financial Statements 
For the year ended 31 December 2015 
16a.  Investments and Subsidiaries (continued) 76
Good Energy Development 
(No.24) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.25) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.26) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.27) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.28) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.29) Limited UK 100%
development of an energy 
generating asset
Good Energy Development 
(No.30) Limited UK 100%
development of an energy 
generating asset
Homegrown Electricity Limited UK 100% dormant 
* Entities indirectly owned by Good Energy Group PLC.
The subsidiaries above have all been included in the consolidated financial statements.  
16b.  Available-for-sale Financial Assets
Consolidated
Year ended 31 December 2015
Available-for-sale 
financial assets
£000’s
Cost and Net book value
At 1 January 2015 500
Additions -
At 31 December 2015 500
Available-for-sale financial assets comprise £500,000 (2014: £500,000) of unlisted securities denominated  
in sterling.
Notes to the Financial Statements 
For the year ended 31 December 2015 
16a.  Investments and Subsidiaries (continued) 77
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015 
17.  Inventories
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
Renewable Obligation Certificates - - 2,426 1,787
Levy Exemption Certificates - - 977 -
Generation development sites - - 6,079 4,679
Total - - 9,482 6,466
 
As at 31 December 2015 there were Renewable Obligation Certificates (ROCs) of £537,265 (2014: £896,223) 
included in the above amount that were unissued for generation that had already taken place and therefore 
these ROCs were not available for sale before the end of the financial year. 
As at 31 December 2015 there were Levy Exemption Certificates (LECs) of £977,001 (2014: nil) included in the 
above amount.  
Costs shown in respect of Generation development sites are for on-going projects to secure development 
rights and planning permission to establish power generation units on a number of different sites.  The 
cost of inventories recognised as an expense and included in ‘cost of sales’ amounted to £147,416 (2014: 
£4,663,330).  At 31 December 2015, an impairment of £1,041,077 (2014: £742,138) had been made against 
these sites resulting in an expense of £298,939 (2014: net credit of £108,000) which is included in ‘cost  
of sales’. 78
Notes to the Financial Statements 
For the year ended 31 December 2015 
18.  Trade and Other Receivables
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
Gross trade receivables 16 - 11,444 10,251
Provision for impairment/non-payment of trade receivables - - (2,131) (1,424)
Net trade receivables 16 - 9,313 8,827
Prepayments 6 6 1,610 900
Inter-company receivables - 347 - -
Other taxation - 12 675 554
Total 22 365 11,598 10,281
 
The Group has a provision in place to set aside an allowance to cover potential impairment and non-payment 
of trade receivables. Those debts which are neither past due nor impaired are considered to be good and are 
expected to be recoverable. Some trade receivables are with customers who do not have externally available 
credit ratings.
The movements on the provision for impairment and non-payment of trade receivables is shown below:
Movement on the provision for impairment and non-payment of 
trade receivables
2015 2014
£000’s £000’s
Balance at 1 January 1,424 864
Increase in allowance for impairment/non-payment 1,135 624
Impairment/non-payment losses recognised (428) (64)
Balance at 31 December 2,131 1,424
Ageing analysis of trade receivables past due but not impaired 2015 2014
£000’s £000’s
Current and not past due 6,636 7,117
1 to 2 months 71 243
2 to 3 months 793 267
Over 3 months 1,813 1,200
Total 9,313 8,827
Trade receivables past due but not impaired relate entirely to a number of independent customers for whom 
there is no recent history of default.
Trade and other receivables are all financial assets designated as loans and receivables. 79
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
19.  Cash and Cash Equivalents
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
Cash at bank and in hand 234 509 1,956 12,354
Short-term bank deposits - - 1,871 671
Security deposits - - 924 678
Total 234 509 4,751 13,703
 
As part of the bank loan agreements, the lenders require a minimum cash balance to be held in separate 
reserve accounts. At the end of the year the total amount was £1,722,653 (2014: £670,717), which is included 
in short-term bank deposits in 2015.  Included within cash at bank and in hand for both the parent company 
and the consolidated position is £139,680 (2014: £415,434) in respect of monies held by the Good Energy 
Employee Benefits Trust.  The credit quality of cash and cash equivalents can be assessed by reference to 
external credit ratings as follows:-
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
AA- 140 415 140 415
A+ - - - 103
A - - 3,568 12,162
A- - - 450 -
B 94 94 593 1,023
Total 234 509 4,751 13,703
  
Cash and cash equivalents are all financial assets designated as loans and receivables. 80
Notes to the Financial Statements 
For the year ended 31 December 2015
20. Share Capital and Share Premium
Number of 
authorised 
shares
Parent Company & Consolidated
Number of 
shares issued 
and fully paid 
Share  
Capital 
Share 
Premium 
Account Total
£000’s £000’s £000’s
At 1 January 2014 20,000,000 14,667,896 733 9,077 9,810
Proceeds from shares issued - - - - -
At 31 December 2014 20,000,000 14,667,896 733 9,077 9,810
Proceeds from shares issued - 302,784 15 709 724
At 31 December 2015 20,000,000 14,970,680 748 9,786 10,534
In 2015, the company issued 302,784 ordinary shares of 5p each for total consideration of £724,282, resulting 
in a share premium of £709,143.  This included the issue of 291,137 (2014: nil) shares to the EBT and 2 scrip 
dividend issues in lieu of full year and interim dividend cash payments (7,556 and 4,081 shares respectively).   
There were no share issues in 2014.  
Clarke Willmott Trust Corporation Limited holds in trust 521,989 (2014: 208,863) ordinary shares of the 
company for the present and the future beneficiaries of the Good Energy Group Employee Share Option 
Scheme.  These are deducted from equity as shown in the Consolidated and Parent Company Statements of 
Changes in Equity. During the year the Trust disposed of 197,000 (2014: 179,135) shares as a result of options 
exercised and acquired 493,137 (2014: nil) shares.
The Directors recommend a final dividend of 2.3p per share (2014: 2.3p) subject to shareholder approval at 
the Company’s AGM. 81
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
21.  Deferred T axation
The provision for deferred taxation is made up as follows:
Consolidated 2015 2014
£000’s £000’s
At 1 January 15 738
Credited to the Consolidated Statement of Comprehensive Income 401 (412)
Credited to equity 151 (311)
At 31 December 567 15
2015 2014
£000’s £000’s
Deferred tax asset to be recovered after more than 12 months (142) (300)
Deferred tax asset to be recovered within 12 months (186) (376)
Sub total-deferred tax assets (328) (676)
Deferred tax liabilities to be settled after more than 12 months 895 691
Deferred tax liabilities to be settled within 12 months - -
Sub total- deferred tax liabilities 895 691
Total net deferred tax 567 15
Deferred tax assets 2015 2014
£000’s £000’s
On short term timing differences 186 376
Losses 142 300
Total 328 676
Deferred tax liabilities 2015 2014
£000’s £000’s
On accelerated capital allowances 895 691
Accelerated 
capital 
allowances
Short-term 
timing 
differences Losses Total
Deferred tax assets/(liabilities) £000’s £000’s £000’s £000’s
At 1 January 2014 (830) 92 - (738)
Credited to income statement 152 (40) 300 412
Credited to equity - 311 - 311
At 31 December 2014 (678) 363 300 (15)
Credited to the income statement (217) (26) (158) (401)
Credited to equity - (151) - (151)
At 31 December 2015 (895) 186 142 (567)
The Group and company has unutilised management charges of £19,261 (2014: £19,261) resulting in a 
deferred tax asset which has not been recognised. 82
Notes to the Financial Statements 
For the year ended 31 December 2015
22.  Borrowings and Other Financial Liabilities
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
Current:
Bank and other borrowings 122 - 5,626 6,608
Loans from Group companies 6,389 2,272 - -
Total 6,511 2,272 5,626 6,608
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
Non current:
Bank and other borrowings - - 41,265 24,981
Bond 14,646 14,695 14,646 14,695
Total 14,646 14,695 55,911 39,676
 
The Group has undrawn bank overdraft facilities of £5,000,000 (2014 : £5,000,000) as at 31 December 2015 
and undrawn revolving credit facilities of £2,882,140 (2014 : £6,500,000).  Those facilities are secured by 
guarantees from Good Energy Limited, Good Energy Gas Limited and other group entities.
At 31 December 2015, £7,681,950 (2014: £8,102,446) of the bank loans relate to the company’s subsidiary, 
Good Energy Delabole Wind Farm Limited and is secured by a mortgage debenture on that company dated 
16 January 2010 incorporating a fixed and floating charge over all current and future assets of that subsidiary. 
The facility will be repaid from future cash flows arising from the wind farm of this company. 
On 7 January 2011, the loan balance was transferred from the build phase to the repayment phase, with 
repayments of capital and interest scheduled bi-annually over 15 years.
As part of the facility Good Energy Delabole Wind Farm Limited entered into a floating rate to fixed rate 
interest swap. They were entered into at the same time and in contemplation of one another, have the same 
counter-party, relate to the same risk and amortise concurrently. Given these circumstances and the fact that 
there is no economic need or substantive business purpose for structuring the transactions separately that 
could not also have been accomplished in a single transaction these instruments are treated as one fixed rate 
loan instrument in accordance with IAS 39. The fixed rate interest is payable at an annual rate of 7.15%. 
At 31 December 2015,  £37,959,777, inclusive of £659,777 of accrued interest (2014: £18,799,264 inclusive of 
£49,264 of accrued interest) of the bank loans relate to the company’s subsidiary, Good Energy Generation 
Assets No. 1 Limited.  The loan is secured by a mortgage debenture on that company and its subsidiaries 
dated 17 December 2014 incorporating charges over the shares of that company and those of its subsidiaries.  
The facility will be repaid from future cash flows arising from the subsidiaries of that company with 
repayments of capital and interest scheduled quarterly over a period of 18 years commencing 17 December 
2014. Interest is payable at 6.85% and the outstanding principal balance is partially exposed if annual RPI 
inflation exceeds 3%.   Costs incurred in raising finance were £2,627,109 (2014: £1,393,313) and are being 
amortised over the life of the loan in accordance with IAS39.  The company had drawndown £37,300,000 of 
the £53,500,000 loan facility as at 31 December 2015. 83
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
22.  Borrowings and Other Financial Liabilities (continued) 
On 2 October 2013 Good Energy Group launched a corporate bond which closed on 24 October 2013 with 
subscriptions having reached the maximum target of £15,000,000. The bond was issued to bondholders on 
22 November 2013 with interest scheduled bi-annually. The coupon rate is 7.25% or 7.50% for bondholders 
that are customers of the Group. Capital repayment of the bond is payable following notice being received 
from the bondholder no earlier than 4 years from inception. The total costs of issue were £770,879 which are 
being amortised over the life of the bond.  As at 31 December 2015 the amortisation recognised in ‘finance 
costs’ totalled £165,982 (2014: £76,424).
 
Parent Company Inter-company
loan Bond Total
£000’s £000’s £000’s
31 December 2015
Due less than 1 year 6,389 122 6,511
Due between 1 and 5 years - 14,646 14,646
Due more than 5 years - - -
Total 6,389 14,768 21,157
 
Parent Company Inter-company
loan Bond Total
£000’s £000’s £000’s
31 December 2014
Due less than 1 year 2,272 - 2,272
Due between 1 and 5 years - 14,695 14,695
Due more than 5 years - - -
Total 2,272 14,695 16,967 84
Notes to the Financial Statements 
For the year ended 31 December 2015
22.  Borrowings and Other Financial Liabilities (continued) 
Consolidated
Bank and 
other 
borrowings Bond Total
£000’s £000’s £000’s
31 December 2015
Due less than 1 year 5,626 - 5,626
Due between 1 and 5 years 8,802 14,646 23,448
Due more than 5 years 32,463 - 32,463
Total 46,891 14,646 61,537
Consolidated
Bank and 
other 
borrowings Bond Total
£000’s £000’s £000’s
31 December 2014
Due less than 1 year 6,608 - 6,608
Due between 1 and 5 years 8,287 14,695 22,982
Due more than 5 years 16,694 - 16,694
Total 31,589 14,695 46,284
The fair values of borrowings have been calculated taking into account the interest rate risk inherent in the 
loans and the bond.  The fair value estimates and carrying values of borrowings (excluding issue costs) in 
place at 31 December 2015 are: 
2015 2015 2014 2014
Fair value
Carrying 
value Fair value
Carrying 
value
£000s £000s £000s £000s
Good Energy Delabole Wind farm Ltd 7,759 7,682 8,102 8,102
Good Energy Generation Assets No. 1 Limited 37,553 37,300 18,784 18,750
Corporate bond 15,114 14,965 14,725 15,000
 
Borrowings are designated as other financial liabilities held at amortised cost. 85
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015 
23.  Trade and Other Payables
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
Trade payables 68 34 3,439 4,669
Accruals and deferred income 64 60 10,655 8,302
Social security and other taxes - - 351 238
Other payables - - 69 1,867
Total 132 94 14,514 15,076
Trade and other payables are designated as other financial liabilities held at amortised cost.
24.  Dividends
Amounts recognised as distributions to shareholders in the year (based on the number of shares in issue at 
the record date): 
Consolidated 2015 2014
£000’s £000’s
Final dividend prior year of 2.30p per share (2014: 2.30p) 344 337
Interim dividend current year of 1.00p per share (2014: 1.00p) 150 147
Sub-total 494 484
Dividends waived (16) (12)
Total 478 472
 
Dividends waived represent dividends that would accrue on shares held by the Good Energy Group Employee 
Benefits Trust were they not held by the Trust.
A final dividend of 2.3p per share was proposed on 18 March 2016, subject to shareholder approval at the 
company’s AGM.
Of the total dividend distributed for the year, £27,009 (2014: nil) was paid in the form of scrip dividends with 
the balance of £451,998 (2014: £471,782) settled in cash. 86
Notes to the Financial Statements 
For the year ended 31 December 2015
25.  Cash Generated from Operations
Reconciliation of net income to net cash provided by operating activities:
Parent Company Consolidated
2015 2014 2015 2014
£000’s £000’s £000’s £000’s
Profit before income tax 1,144 2,772 128 1,288
Adjustments for:
Depreciation - - 2,351 1,347
Amortisation 1 4 705 567
Share based payments - - 51 30
Provision against investments in and loans to 
subsidiaries 6,000 - - -
Dividend income from subsidiaries (8,000) - - -
Finance (income)/costs -  net (552) (208) 4,106 2,503
Changes in working capital (excluding the effects 
of acquisition and exchange differences on
consolidation)
Inventories - - (3,872) (1,908)
Trade and other receivables 165 120 (1,318) (2,329)
Trade and other payables 38 (1,264) (561) 2,199
Cash (outflow)/inflow from operations (1,204) 1,424 1,590 3,697 87
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015  
26.  Share Based Payments
In order to retain the services of key employees and to incentivise their performance, the Parent Company 
operates the Good Energy Employee Share Option Scheme under which certain employees of the Group 
are granted options to acquire Ordinary 5p Shares at future dates. Costs in respect of these options of 
£51,428 (2014: £30,040) are recognised in the Consolidated Statement of Comprehensive Income. As at 31 
December 2015, the following options had been issued:
Number of options
Weighted average
exercise price
Total exercise
consideration
2015 2014 2015 2014 2015 2014
(Number) (Number) (£) (£) £000’s £000’s
Outstanding at beginning of year 1,494,898 2,048,514 1.03 1.03 1,536 2,110
Granted 552,172 25,000 1.85 1.25 1,022 31
Exercised (197,000) (179,135) 1.01 0.72 (199) (130)
Cancelled/surrendered (310,000) (399,481) 1.25 1.19 (388) (475)
Outstanding at the end of year 1,540,070 1,494,898 1.28 1.03 1,971 1,536
In order to partially fulfil the options granted,  521,989 (2014: 208,863) shares representing approximately 
42% (2014: 18%) of the options outstanding have already been issued and held by Clarke Willmott Trust 
Corporation Limited as the Trustee of the Good Energy Group Employee Benefits Trust. Dividends have been 
waived on these shares.
The options expire at various dates up to September 2025.  Share options outstanding at the end of the year 
have the following expiry date and exercise price:
Grant-vest Expiry year Exercise price in £ per
share options
Share options 
(thousands)
2015 2014
2003-2006 2014 0.75 - 45
2004-2007 2019 0.75 35 120
2005-2008 2015 0.80 - 100
2006-2009 2016 0.75 - 114
2007-2010 2017 0.75 - 20
2012-2015 2022 0.50 189 189
2012-2015 2022 1.15 179 328
2013-2016 2023 1.25 289 554
2014-2017 2024 1.25 - 25
2015-2018 2025 0 102 -
2015-2018 2025 2.25 100 -
2015-2018 2025 2.29 200 -
2015-2018 2025 2.27 150 -
1,244 1,495
The weighted average fair value of options granted during the year determined using the Black-Scholes 
valuation model was £0.48 per option. The significant inputs into the model were weighted average share 
price of £2.24 at the grant date, exercise price shown above, volatility of 14%, dividend yield of 3%, an 
expected option life of three years and an annual risk-free interest rate of 0.3%. The volatility measured at 
the standard deviation of continuously compounded share returns is based on statistical analysis of daily 
share prices over the last year. See note 8 for the total expense recognised in the income statement for share 
options granted to Directors and employees. 88
Notes to the Financial Statements 
For the year ended 31 December 2015
27.  Pensions
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately 
from those of the Group in an independently administered fund. The pension cost represents contributions 
payable by the Group to the fund and amounted to £343,294 (2014: £333,644).
Contributions totalling £42,060 (2014: £41,142) were payable to the fund at the end of the financial year and 
are included in other payables.
The Group has no further pension liability either realised or contingent and in line with the Group’s 
environmental position all employer contributions are invested within a suitable fund.
28.  Commitments
28.1 Operating Lease Commitments
The future aggregate minimum lease payments are as follows:
Land and Buildings
2015 2014
£000’s £000’s
Leases as lessee:
Less than one year 341 391
Between one and five years 1,184 769
More than five years 6,583 4,050
Total 8,108 5,210
Other operating leases
2015 2014
£000’s £000’s
Leases as lessee:
Less than one year 6 6
Between one and five years 12 18
More than five years - -
Total 18 24
 
28.2 Capital Commitments
At 31 December 2015, the total capital commitments amount is £418,134 (2014: £2,978,206).  Of this 
£418,134 (2014: £2,978,206) related to contracts agreed on solar generation projects. 
The figure for solar generation projects represents the maximum liability assuming sites continue  
in development.   89
Strategic Report Directors’ Report Financial Statements
Notes to the Financial Statements 
For the year ended 31 December 2015
29.  Related Party Transactions
The Group maintains processes to identify related party transactions which include ensuring that all 
meetings of the Board of Directors begin with a declaration of interest in the matters arising. When related 
party transactions are identified, steps are taken to ensure they are transparent and contracted on an arm’s 
length basis. Dependent on the perceived risk and materiality of the transaction, these steps may include 
forming an independent sub-committee of the board to consider the transaction and requesting that the 
Group’s nominated advisor reviews the contractual terms. 
The company’s significant subsidiary undertakings, including the name and proportion of ownership interest 
for each, are disclosed in note 16. Transactions between subsidiaries and between the company and its 
subsidiaries are eliminated on consolidation. During the year the company had inter-company balances with 
its subsidiaries. Interest is charged on these balances at either 2.5% above the Bank of England base rate 
or at 8.85%.  The higher rate is charged on inter-company loans drawing on the GCP loan which carries an 
external rate of interest of 6.85%. Details of the amounts outstanding and received during the year on inter-
company loans are contained in note 16a.
In January 2010 Good Energy Delabole Wind Farm Limited, a subsidiary company, entered into an agreement 
with Windelectric Management Limited, a company in which Martin Edwards (a director of the company) has 
a controlling interest, to provide site management for the new wind farm at Delabole. The amount payable 
each year is £75,000 index linked. The amount payable under this agreement during the current year was 
£83,647 (2014: £82,729). No amounts were outstanding at the end of the financial year (2014: £nil).
In January 2010, Good Energy Delabole Wind Farm Limited entered into a 25 year lease with Martin Edwards 
and other parties, in respect of the land which some of the new turbines occupy. For the first 10 years of 
operation the rent will be the higher of an annual base rent of £50,240 or 3.25% of gross income from the 
wind farm and from the 10th anniversary onwards it will be 4.5% of gross income from the wind farm.
The amount payable under this agreement during the current year was £76,649 (2014: £70,268).   Of these 
figures no amounts were outstanding at the end of the financial year (2014: £nil).
In 2012, the Group entered in to an agreement in connection with generation development activities 
with Shire Oak Energy Limited, a company wholly owned by Mark Shorrock who is the husband of Juliet 
Davenport.   During 2015, a payment of £500,000 (2014: £1,806,211) was made to Shire Oak under the terms 
of the contract.  A final payment, capped at £150,000 is due on the successful energisation of one remaining 
solar farm under the agreement. 
In April 2014, Good Energy Tidal Lagoon Limited, a subsidiary of the Group, made a £500,000 investment  
into Tidal Lagoon (Swansea Bay) plc.  Mark Shorrock (the husband of Juliet Davenport) is employed as its 
Chief Executive.
The investment is structured with an option to purchase up to 10% of the power output from the Tidal 
Lagoon project at market rates once completed.   90
Notes to the Financial Statements 
For the year ended 31 December 2015
30.  Subsequent Events
None. 
31.  Subsidiary Undertakings Exempt From Audit
Good Energy Group PLC has provided the necessary parental guarantees under section 479A of the 
Companies Act 2006, to enable the following companies exemption from audit:
Good Energy Pengelly Cluster Solar Park (008) 
Limited 
Good Energy Lanyon Solar Park (011) Limited 
Good Energy Development (No.1) Limited 
Good Energy Development (No.3) Limited 
Good Energy Development (No.4) Limited 
Good Energy Development (No.5) Limited 
Good Energy Development (No.6) Limited 
Good Energy Development (No.8) Limited 
Good Energy Development (No.9) Limited 
Good Energy Development (No.10) Limited                                                
Good Energy Development (No.12) Limited 
Good Energy Development ( No.14) Limited 
Good Energy Development ( No.15) Limited 
Good Energy Development (No.16) Limited 
Good Energy Development (No.17) Limited 
Good Energy Development (No.18) Limited 
Good Energy Development (No.19) Limited 
Good Energy Development (No.20) Limited  
Good Energy Development ( No.21) Limited 
Good Energy Development (No.22) Limited  
Good Energy Development (No.24) Limited 
Good Energy Development (No.30) Limited
32. Generation assets – technical data
Wind farms
Hampole, South Yorkshire 
Turbine manufacturer: Senvion 
No. of turbines: 4 
Installed capacity: 8.2MW 
Turbine power output: 2.05 MW
Delabole, Cornwall 
Turbine manufacturer: Enercon 
No. of turbines: 4 
Installed capacity: 9.2MW 
Turbine power output: 2.3 MW
Solar farms 
 
Woolbridge, Dorset 
Solar modules: Yingli 
Nominal capacity DC: 4,996 kWp
Creathorne, Cornwall 
Solar modules: Yingli 
Nominal capacity DC: 1,841 kWp
Solar farms (continued) 
 
Rook Wood, Wiltshire 
Solar modules: ReneSola 
Nominal capacity DC: 4,981 kWp
Lower End, Wiltshire 
Solar modules: Jinko Solar 
Nominal capacity DC: 4,999 kWp
Crossroads, Dorset 
Solar modules: Jinko Solar 
Nominal capacity DC: 4,999 kWp
Carloggas, Cornwall 
Solar modules:  ReneSola 
Nominal capacity DC: 8,304 kWp
 Oaklands, Dorset 
Solar modules: REC 
Nominal capacity DC: 4,992 kWp 91
Strategic Report Directors’ Report Financial Statements
Directors and Corporate Resources
Directors   John Maltby (Non-Executive Chairman) 
   Juliet Davenport (Chief Executive) 
   Denise Cockrem (Chief Financial Officer)       
   Richard Squires (Non-Executive Director) 
   Martin Edwards (Non-Executive Director) 
   Francesca Ecsery (Non-Executive Director)
Company Secretary Stephen Rosser 
and Registered Office Monkton Reach 
   Monkton Hill, Chippenham 
   Wiltshire SN15 1EE
Company Number  04000623
Principal place of business Monkton Reach 
   Monkton Hill, Chippenham  
   Wiltshire SN15 1EE
Independent Auditors PricewaterhouseCoopers LLP 
   2 Glass Wharf 
   Bristol BS2 0FR
Financial Advisors Arden Partners plc 
   125 Old Broad Street 
   London, EC2N 1AR
Bankers   Lloyds Bank 
   PO Box 112, Canons House, Canons Way 
   Bristol BS99 7LB
   The Co-operative Bank PLC 
   PO Box 101, 1 Balloon Street 
   Manchester M60 4EP  
Legal Advisors  Norton Rose LLP 
   3 More London, Riverside 
   London, SE1 2AQ
Registrars  Computershare Investor Services PLC 
   The Pavilions, Bridgwater Road 
   Bristol BS99 6ZY