18th Jul 2014 07:57
LONDON (Alliance News) - Jersey Electricity PLC Friday warned that its Energy Business unit sales fell in its third quarter due to warmer-than-expected weather, while the trading performance of its other units was behind the previous year.
The UK utility company said that in the quarter to June 30, unit sales from its Energy Business were 9% lower than in the same period the previous year, due to temperatures being higher than both last year and their long-term average.
The company said that in the nine months ended June 30, Energy Business unit sales were 8% lower than in 2013 because of the higher temperatures and the corresponding period last year being particularly cold.
However, the company said its unit sales so far in July have been at the lower rate of 3% behind the corresponding period.
Year-on-year tariff increases have helped to mitigate the lower unit sales, the company said, and as a result, energy revenues were 4% lower in the nine-month period than in the same period in 2013.
Jersey Electricity added that the combined trading performance of its other business units was behind the previous year, due mainly to continued challenging trading conditions for its retail business.
Jersey Electricity is currently laying a new submarine electricity cable between Jersey and France, which it said is on budget and ahead of schedule. It said it now hopes to bring forward the expected start up date to the fourth quarter from 2015 previously.
The company said its balance sheet remains in a good position despite its net debt increasing to GBP23 million from GBP20 million at the end of its first half.
Jersey Electricity shares were up 0.2% at 329.50 pence early Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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