Guernsey Electricity's prices to rise by 4.8% after watchdog approval

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Prices will rise by 4.8 percent over the next three years. Credit: PA

Guernsey Electricity has been allowed to increase prices by 4.8 percent over the next three years.

The Guernsey Competition and Regulatory Authority, the island's competition watchdog, agreed the rise could go ahead.

The company blamed the movements in oil price and the exchange rate over the past year for the increase.

The GCRA ruled that the cost of £7.6 million incurred by the company was 'reasonable' as these costs were out of its control, and could be recouped by increasing rates