JE profits up after major price rise

Thursday 03 April 2014

Jersey Electricity’s profits went up to £6.5 million after they increased energy prices by 9% last year.

Figures in the company’s annual report for 2013 confirm that their profits went up by 14% last year, but they say that they are maintaining their target of keeping prices within 10% of the European average.

The price rise followed the loss of one of the company’s two connecting cables to France, through which Jersey Electricity imports 75% of all electricity consumed here in June 2012. The loss of the cable has led to them accelerating their programme to bring in a new link, and has led to them generating more power here, which they say can be 50% more expensive.

The new link will be up and running next year.

Chief executive Chris Ambler – who the report reveals earned £244,110 last year – used the report to praise the “exceptional response” of Jersey Electricity staff with the pressure of the freak blizzard in March last year.

He said: “The winter brought one of the severest snow storms that Jersey has seen for a generation, bringing the Island to a standstill.

“The snow caused 55 separate incidents of overhead cable damage in a 36-hour period affecting supplies to 206 homes but our policy to remove overhead powerlines when practicable since the Great Storm of 1987 prevented more significant disruption.

“I was proud of an exceptional response from all our staff across the whole business to this incident. They demonstrated great team work, courage and commitment but with the highest focus on safe working.”