People in Jersey will pay 25% more for their power when Jersey Electricity Company raises its prices on Thursday. The company says the hike is due to “strongly rising” global energy costs and the fact that tariffs have remained unchanged over the previous two years. From January unit charges will increase by 25% and standing order and other fixed charges will increase by 5%. Bills issued after Thursday will be calculated pro-rata to take account of consumption prior to the price rise. A spokesperson for the firm, which is the sole supplier of electricity in Jersey, said that the company had “cushioned” customers from high and volatile wholesale markets and had also absorbed additional costs to the extent possible over the last two years.

However, they added that the importation costs of power had risen by more than 70%.

“For the majority of customers in Jersey, electricity prices are lower than the European average, Guernsey, Isle of Man and the UK,” the spokesperson said.

“The cost increase has been driven by a 55% increase in Euro denominated wholesale electricity costs and a 15% deterioration in the Pound/ Euro exchange rate.

“Since the time of the last electricity price rise in January 2007, the local prices for heating oil and gas have increased by approximately 60% and 35% respectively.”

http://www.jec.co.uk/

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