Jersey Electricity warns of 25% price hike

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Date: Thursday 17 Jul 2008

LONDON (ShareCast) - Chilly April weather helped Jersey Electricity lift unit sales of electricity by 5% in the quarter to 30 June, but the firm warned its prices are set to rise at least 25%.

Unit sales rose 6% during the nine month period, which, coupled with January’s price increases, resulted in a 9% hike in revenue at the energy business.

The group pledged not to up tariffs in the two years to 1 January 2009, but warned today that power prices will have to rise at least 25% in January to recover increased costs.

Jersey said unit sales in July were similar to the same time last year, but other business units have traded ahead of both last year and the last quarter.

Meanwhile, the £13m project to upgrade the electricity infrastructure in the west of Jersey is on course to complete in October.

Jersey said its balance sheet remains strong and there have been no significant changes in the financial position since May’s interim results.

It thinks the £16m of cash it holds will be absorbed in the delivery of the planned capital expenditure programme on electricity infrastructure in the short to medium term.

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