JEC revenue rises by 9%

JERSEY Electricity has reported a nine per cent rise in revenue in the nine months to 30 June.

The increase is partly because more electricity was used during the cold weather in April, with unit sales up five per cent up during April, May and June. The company also benefited from the increase in prices levied from 1 January 2007.

However, as reported last week, customers can expect to pay an extra 25% when prices go up in January. In an interim management report required by the London Stock Exchange the listed company says its balance sheet ‘remains strong’, with a cash balance of £16 million at the end of June.

However, the board says that the cash resources will be used up on infrastructure upgrades in the short to medium term. Chief executive Mike Liston (pictured) said: ‘Although we have been progressively hedging our position for 2009, we expect that an increase in our power prices of at least 25% will be required next January to recover increased costs.’

Article posted on 23rd July, 2008 - 3.00pm

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