Jersey Electricity increasing average bills by £150 a year to deal with 'rising costs'

Jersey Electricity has announced it is upping its prices by 12% to deal with "rising costs" in a volatile global market.

The increase is from 1 January 2024 and will see the average household pay £150 more a year.

The company says it is releasing this news now to give customers more certainty about the future and adds the change is in line with inflation.

"We are acutely aware of the cost-of-living pressures on islanders and the rising costs of everyday essential items," Jersey Electricity Chief Executive Chris Ambler explained.

"Despite seeing an easing of European wholesale energy markets in recent months, they remain extremely highly-priced compared to our current importation costs.

"As a consequence of these factors and general inflationary pressures, we unfortunately need to raise our tariffs."

Jersey Electricity has frozen prices for the rest of 2023 and still expects the higher standard domestic electricity rate to be around half the cost of a similar tariff in the UK.

It follows an announcement from Guernsey Electricity that is hiking its prices by 13% from 1 July.

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