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Electricity in Jersey is cheaper than comparable jurisdictions – but the island's provider should make it easier to switch between tariffs, according to the competition watchdog.
The Jersey Competition Regulatory Authority said its review into the island's electricity market found that, despite a lack of competition, Jersey Electricity does well compared to "similar organisations" elsewhere.
But it warned that prices could go up, for example due to changes to wholesale supply, decarbonisation initiatives, or increased investment.
The new year price rise outpaced inflation by 2.5%, adding around £2 to the existing weekly electricity bill of around £27 for the average Jersey household.
In its latest review, the JCRA compared prices in Jersey with those in Guernsey, the Isle of Man, Great Britain, Malta, and France.
Only Malta had lower prices, the report found.
Pictured: When the latest price rise was confirmed, JE CEO Chris Ambler said that the electricity company had helped shelter islanders from the worst effects of the "challenging energy environment".
And despite there being cheaper tariffs available, the majority of domestic consumers (52%) and business consumers (92%) were the a general tariff, the report found – though more people had switched tariffs, so the number was reduced by 6% between 2018 and 2023.
Tim Ringsdore, Chief Executive of the JCRA said: “The study shows that Jersey’s electricity prices compare well relative to other jurisdictions, but the sector faces ongoing challenges and uncertainty.
"We have set out forward-looking recommendations to improve consumer outcomes and help reduce market uncertainty, and look forward to seeing these being taken forward. We will monitor developments in this market and this will support our future review of the market.”
JCRA made four recommendations:
In the short-term, JEC should improve choices for consumers, make information clearer, and make it easier to switch between tariffs.
They should also let islanders access the Jersey Electricity network to support people and companies who generate their own electricity.
In the longer term, the Government needs to refine its energy policy "toward a resilient, competitive market structure, with a clear path to carbon neutrality".
Within the next three to five years, the JCRA should hold another review, to look at how the market develops, including trends in tariffs, cost and performance.
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