Business
Interim Management Statement
Interim Management Statement.
About this update from Jersey Electricity Plc Class A
[{"type":"text","content":"\n \nRNS Number : 6562M Jersey Electricity PLC 18 July 2014 \n\n \n \n \n \n \nJersey Electricity plc \nInterim Management Statement \n \nJersey Electricity plc is today publishing an Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency rules, relating to the period from 1 April 2014 to the date of issue of this announcement. \n \nIn the quarter to 30 June 2014 unit sales in our Energy business were 9% lower than the same period last year due to temperatures being higher than both last year and the long-term average. Unit sales for the month of July to date are 3% behind the level experienced in 2013.\n \nIn the nine month period to 30 June 2014, unit sales in our Energy business were 8% lower than in 2013 due to a combination of temperatures being consistently above the seasonal norm to date and the corresponding period last year being particularly cold. Year-on-year tariff increases have helped mitigate the lower unit sales with energy revenues being 4% lower than in 2013. \n \nOur power purchase requirements and the associated foreign exchange exposure are materially hedged for the next three years. We continue to maintain our strategy to deliver stability over the medium term in the cost of importing and generating power, as this is our largest operating cost. \n \nThe combined trading performance of our other business units was behind the corresponding period in the last financial year due mainly to the continued challenging trading conditions for our retail business.\n \nAs indicated in our Half Year Interim Report, the project to lay the next submarine cable (Normandie 3) between Jersey and France is progressing well. Over the last quarter the subsea cable has been laid and the land cabling works in both France and Jersey are making good progress. The project is presently on budget and ahead of schedule, and we hope to b...