CMA to examine electric vehicle charging sector

RNS Number : 3552H

Good Energy Group PLC

03 December 2020

 

Good Energy Group PLC

CMA to examine electric vehicle charging sector

Good Energy Group PLC, the 100% renewable electricity supplier and innovative energy services provider ("Good Energy" or "the Company) welcomes and acknowledges the Competition and Markets Authority ("CMA") intention to launch a market study into electric vehicle charging.

Good Energy recognises the importance of the electric vehicle ("EV") market as part of the UK's journey to net zero carbon. Recent Government announcements have highlighted the shift to emission free vehicles as a key component of its Ten-Point plan for a Green Industrial Revolution.  Not only will this require significant investment in the sector, but also a fair and competitive market to accelerate and support the mass adoption of EVs by the public and business community.

The electrification of transport is a key pillar of Good Energy's strategy, alongside electrification of heat and flexibility services. By providing products and services in these areas the Company aims to lead the transition to a distributed energy market and the future of energy services.

Zap-Map, the UK's leading EV mapping service, launched Zap-Pay in September, a new service that enables EV drivers to use a single app to pay for charging across different networks. This service provides an interoperable payment solution that helps to unlock the charging infrastructure for EV drivers across the UK. Zap-Pay will be rolled out across UK networks in 2021, providing unique and unrivalled coverage across the whole country.

Zap-Map has been an integral part of EV market growth over recent years. The launch of Zap-Pay builds on this success and positions Zap-Map as a key market participant as we build towards a transformed UK transport market.

Both Good Energy and Zap-Map will work with the CMA to provide insight and expertise to assist in this study.

Juliet Davenport, CEO and Founder, Good Energy, and Chairman of Zap - Map said:

"We welcome this announcement from the CMA. Electrification of transport is crucial for the UK to achieve its climate goals. Regulators and policy makers will play a crucial role both in setting the tone in these fast-growing markets and to ensure structural issues do not inhibit this transformative opportunity.

Our investment in developing Zap-Pay has solved the problem faced by EV drivers of having to use multiple cards or apps to charge on different networks. Zap-Pay removes the hassle and provides a seamless charging experience, which is crucial to mass adoption. Now EV drivers can search, plan and pay all in one app. However, more needs to be done to ensure that networks, companies and regulators act in a joined-up fashion to deliver the best experience for EV drivers as part of this transition. We welcome this next step."

Enquiries:

Good Energy Group PLC Juliet Davenport, Chief Executive Charles Parry, Investor Relations Luke Bigwood, Communications	Email: [e-mail] Phone: [phone]
Investec Bank plc (Nominated Adviser and Joint Broker ) Jeremy Ellis Sara Hale	Tel: [phone]
Canaccord Genuity (Joint Broker) Henry Fitzgerald - O'Connor Georgina McCooke	Tel: [phone]

Notes to editors:

About Good Energy www.goodenergy.co.uk

Good Energy is a generator and supplier of 100% renewable power and an innovator in energy services. It currently owns two wind farms, six solar farms and sources electricity from a community of 1,600 independent UK generators.

Since it was founded 20 years ago, the company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to support UK households and businesses generate, store and share clean power.

Good Energy is recognised as a leader in this market, through our green kite accreditation with the London Stock Exchange and as a top rated Green energy supplier by Which?.

 

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