Electricity prices will drop for the first time in 25 years

ELECTRICITY prices will drop in January for the first time in almost 25 years.

Just days after Jersey Gas revealed that its prices will rise by 15 per cent next month,
Jersey Electricity announced yesterday that its are to drop by 5.1 per cent.

The price reduction, which comes into effect on New Year’s Day, will save the average customer about £45 a year, although savings will vary depending on the level of electricity used. However, Islanders will still be paying more for electricity than they were in 2008 as the company increased prices by 24 per cent at the beginning of this year.

The JEC has been able to reduce its charges by buying power throughout this year at times when wholesale prices were low. It has also produced more of its own power at the diesel-fuelled La Collette station this year when oil costs have been at their cheapest. Internal company costs have also been reduced by recruiting fewer staff.