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Interim Management Statement

17 Jul 2008 07:00

RNS Number : 2486Z
Jersey Electricity Company Limited
17 July 2008
Β 

Jersey Electricity Company Limited

Interim Management StatementΒ 

The Jersey Electricity Company Limited is today publishingΒ anΒ Interim Management Statement as required by the revised UK Listing Authority's Disclosure and Transparency rules, relating to the period from 1Β April 2008Β toΒ the date of issue of this announcement.Β 

In theΒ quarterΒ toΒ 30Β JuneΒ 2008,Β unit sales of electricity in our Energy business rose byΒ 5%Β compared to the same period last yearΒ due mainly toΒ aΒ colderΒ AprilΒ thisΒ year. Unit salesΒ for the month ofΒ July to date areΒ at a similar level to thoseΒ experienced in 2007.

In the 9 month periodΒ to 30 June 2008 unit sales of electricity wereΒ 6% higher due toΒ colder weather patterns compared toΒ the same period last year. Revenues in the Energy businessΒ wereΒ 9% higherΒ due to this increase in sales volumes combined with a tariff rise which took place on 1 January 2007.Β 

We have pledged not to increase tariffsΒ in the two year period endingΒ 1 January 2009.Β Our power purchase and foreign exchange requirementsΒ areΒ materially hedged for theΒ whole of this period mitigating recent further increases in wholesale electricity pricesΒ (on which ourΒ EuropeanΒ powerΒ importationΒ contract is based).Β In theΒ lastΒ 12 monthsΒ wholesale electricity prices have risen by aroundΒ 75% and in additionΒ SterlingΒ has weakened against the Euro by 15%Β and although we have been progressively hedging our position for 2009, we expect that an increase in our power prices of at least 25% will be requiredΒ nextΒ January to recover increased costs.Β 

Our other business units, at a total level,Β tradedΒ ahead ofΒ the corresponding financial position inΒ the last financial yearΒ in both the last quarter andΒ the year to date.

The Β£13m project to upgrade the electricity infrastructure in the west ofΒ Jersey, which was initiated during the last financial year, continued on schedule during theΒ periodΒ andΒ itΒ is still expected to be completed in October 2008.

Our balance sheet remains strong and there have been no significant changes in the financial position of theΒ Jersey Electricity GroupΒ since the issue of ourΒ Interim ReportΒ for theΒ six monthΒ periodΒ ended 31Β MarchΒ 2008.Β The cash balance at the end ofΒ JuneΒ 2008Β wasΒ Β£16mΒ being at the same level as atΒ the last financial year end.Β 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.

16Β JulyΒ 2008Β 

For further information, please contact:

Martin Magee, Finance Director Tel : 01534 505201

Peter Routier, Company Secretary Tel : 01534 505253Β 

This information is provided by RNS
The company news service from the London Stock Exchange
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