Utilities

Juliet Davenport wore a slightly weary expression. The chief executive of green power supplier Good Energy was recalling the first time she crossed swords with Dale Vince, boss of rival supplier Ecotricity, in 1999. It proved to be the first of many encounters between the two entrepreneurs, whose companies supply households with what they call 100% renewable electricity – generated from wind, solar, hydro power and biofuel. Vince, the new-age traveller turned multimillionaire businessman, has bought 25.3% of Good Energy’s shares – a stake worth about £10m – and initially demanded two seats on the board. He refuses to say whether he will go further and launch a full takeover bid for the AIM-listed company. The clash has some local spice: the two bosses live in Cotswolds country piles just a few miles apart. Vince claims he is motivated by a desire to clean up corporate governance at Good Energy, highlighting its transactions – worth some £4m – with companies owned by Davenport’s husband, Mark Shorrock. Davenport, who owns 3.5% of the shares, argues that Vince’s swoop aims merely to sow discord, and that Good Energy and Ecotricity are incompatible.

Times 13th Aug 2017 read more »

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Published: 13 August 2017