JERSEY Electricity this week reported a £7.

million profit before tax in the 12 months to 30 September, despite a substantial increase in the cost of electricity from the European wholesale market.

However, this was 30% down on last year’s profit of £10.

m.

Group turnover was 17% up over the period, at £65 million, of which £50m came from electricity supply.

The number of units sold increased by 3.

% and prices also went up in January by 9.

%.

The company announced several months ago that it intends to increase prices in January by 19.

%, following further pressures on power costs.

But the board has pledged that no further rises will be imposed on customers until 2009.

Chairman Derek Maltwood said that the 9.

% tariff rise from January 2006 was less than half the rise that customers would have suffered if the full 55% increase had been passed on in its entirety.

‘Our aim is to ensure that no further rises will be experienced by our customers in 2007 or 2008 and we have hedged both our power purchasing requirements and euro exposure for the next two years to aid this objective,’ he said.

Over the year 97% of power was imported from Europe.

La Collette power station supplied the rest and sold back a certain amount of power to France during their peak periods.