Interim Management Statement

25 Jan 2010 14:51

Jersey Electricity Company Limited

Interim Management Statement 

The Jersey Electricity Company Limited is publishing this Interim Management Statement as required by the revised UK Listing Authority's Disclosure and Transparency rules, relating to the period from 1 October 2009 to the date of issue of this announcement. 

In the thirteen week period since the beginning of the financial year to the end of December the unit sales of electricity fell by 4%. All three individual months in the quarter experienced temperatures above those in the corresponding period in 2008 and this milder weather resulted in lower units being distributed to our customers. The revenues in our Energy Division increased by 19% due to higher tariffs, year-on-year. 

In the period from 1 January to the date of issue the volume of electricity units sold was at a similar level to that of last year although we did experience the highest ever maximum demand on our network of 158.1 MW on 12 January.

We reduced tariffs to our customers by 5.1% from 1 January 2010. Although wholesale power prices eased significantly during the credit crunch, a further weakening of Sterling prevented us from offering a greater price reduction to customers as the majority of our electricity is imported from mainland Europe. 

Our other business units, at a total level, traded ahead of the corresponding quarter in the last financial year.

Outline planning permission was received in November 2009 for the construction of a new 90,000 volt sub-station close to our existing La Collette Power Station in St Helier. This major project estimated at £10m is part of a longer-term strategy to construct a secure and reliable 90,000 volt network in Jersey to meet an expected increasing demand by our customers for low carbon electricity.  

Our balance sheet remains strong and there have been no significant changes in the financial position of the Company since the issue of our Preliminary Announcement on 18 December 2009 for the year ended 30 September 2009.

25 January 2010 

For further information, please contact:

Chris Ambler, Chief Executive Tel: 01534 505320

Martin Magee, Finance Director Tel: 01534 505201