24th Jan 2014 09:31
LONDON (Alliance News) - Jersey Electricity PLC Friday reported a 5% increase in revenues at its energy unit in the final quarter of 2013, as the 9% average increase in prices it made earlier in the year offset a 4% decline in unit sales during the period.
The utility, which is an electricity provider on the island of Jersey, had raised its tariffs at the start of 2013.
It said unit sales of electricity fell to 170 million kilowatt hours during the final three months of 2013 compared with a year earlier, due to unseasonably high temperatures in December. This offset the benefit of its larger customer base when compared with a year earlier.
In a statement, Jersey Electricity said its project to install a new underwater cable link with France is on track and on budget .
Its net debt at the end of December was GBP5.5 million, slightly up from the end of its last financial year at the end of September.
Jersey Electricity shares last traded at 313.5 pence in London
By Steve McGrath; [email protected]; @SteveMcGrath1
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