Last checked at 16 Jul 2010 08:59
Jersey Electricity plc
Interim Management Statement
Jersey Electricity plc is today publishing an Interim Management Statement as required by the revised UK Listing Authority's Disclosure and Transparency rules, relating to the period from 1 April 2010 to the date of issue of this announcement.
In the quarter to 30 June 2010, unit sales of electricity in our Energy business were 1% higher than the same period last year. Unit sales for the month of July to date are at a similar level to those experienced in 2009.
In the 9 month period to 30 June 2010 unit sales of electricity were at the same level as in 2009 but electricity revenues in the Energy business were 6% higher. This is due to a tariff rise which took place in 2009 offset by a tariff reduction of 5.1% on 1 January 2010.
Our power purchase and foreign exchange requirements are materially hedged for the remainder of this financial year. In addition, a significant proportion of the forward imported power requirements for the following two years has been price fixed (2011: 80%; 2012:60%). Foreign exchange requirements have also been substantially hedged for 2011 and the hedging programme for 2012 is underway.
Our other business units, at a total level, traded ahead of the corresponding financial position in the last financial year in both the last quarter and the year to date.
The project to build a 90kV switching station at South Hill commenced in April 2010 and will become a critical network hub for import facilities and local generation in Jersey. It is anticipated to be completed by June 2011 at an estimated cost of £10m. This will feed into our new 200 MW grid system which will be completed over the next 6 to 7 years.
The cash balance at the end of June 2010 was £21m being £4m higher than the level at the last financial year end. It is anticipated that such cash resources will be absorbed in the delivery of the planned capital expenditure programme on electricity infrastructure in the short to medium term. Our balance sheet remains in a similar financial state to that issued at our half year and there have been no significant changes in the overall financial position of Jersey Electricity plc since the issue of our Interim Report for the six month period ended 31 March 2010.
16 July 2010
For further information, please contact:
Chris Ambler, Chief Executive Tel: 01534 505320
Martin Magee, Finance Director Tel: 01534 505201