Electricity prices to soar

By Christine Herbert

CUSTOMERS of Jersey Electricity are likely to be paying substantially more for their supply next year.

The company last week reported profit before tax of £6.8 million for the first six months of the financial year, but it warned that costs were being pushed up by the falling value of the pound against the euro and rising wholesale electricity prices in Europe.

The 40% increase in profit is partly due to a milder winter than the previous year, with a 7% increase in the amount of electricity sold this winter. Turnover over the six months increased from £40 million to £45.4 million, up 13%.

The board is recommending an interim net dividend of 73p, an increase of 49% on the previous year, following a review.

However, the company says that European wholesale electricity has gone up 30% since September and that the value of sterling against the euro has fallen by 15% in the same period.

Apart from electricity sales, the company’s other businesses have reported strong growth.

Article posted on 19th May, 2008 - 3.03pm

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