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Jersey Electricity (JEL)

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Monday 17 December, 2001

Jersey Electricity

Final Results

Jersey Electricity Company Limited
17 December 2001


               Preliminary Announcement of Annual Results 

                   for the year ended 30 September 2001 

At a meeting of the Board of Directors held on 17 December 2001, the final
accounts for the Group for the period ended 30 September 2001 were approved,
details of which, together with comparative figures for 2000, are given in
the following table.

A final dividend of forty pence less income tax on the Ordinary and 'A'
Ordinary shares in respect of the period ended 30 September 2001 was
recommended which, together with the interim dividend of thirty five pence,
makes a total dividend of seventy five pence for the period (2000 70 pence)
on each £1 share.

The dividend will be paid on 28 March 2002 to those shareholders registered
in the books of the company on 01 March 2002. A participating dividend on the
5% cumulative participating preference shares of 11/2% (2000 11/2%) payable
on the 01 July 2002 was also recommended.

The Annual General Meeting of the company will be held on 11 March 2002.

Direct Tel No: 01534 505253
Direct Fax No: 01534 505553

17 December 2001

         The Powerhouse, PO Box 45, Queens Road, St Helier, Jersey JE4 8NY

  JERSEY ELECTRICITY COMPANY LIMITED                                            
  Summary of Financial Results                                                  
                             Period 1 October 2000      Period 1 October 1999
                              to 30 September 2001       to 30 September 2000  
                                            £000's                     £000's 
                                                                (as restated) 

  Turnover                                 60,355                     55,293  

  Group Operating Profit                    5,020                      3,437  

  Net Profit before                         3,822                      3,905  

  Income Tax                                  281                        175  

  Deferred Tax                              1,109                      1,064  

  Net Profit after                          2,432                      2,666  

  Earnings per Share                         £1.58                      £1.73 

                                         Absorbing                  Absorbing 
                                                 £                          £ 
  Ordinary & A                                                                
  Ordinary Shares                                                             

  Interim Dividend       35p              428,960      32p           392,192  

  Proposed Final         40p              490,240      38p           465,728  
                         75p              919,200      70p           857,920  

  5% Participating                                                            

  Dividend Paid          5p                 4,000       5p             4,000  

  Proposed               1.5p               1,200     1.5p             1,200  

                         6.5p               5,200     6.5p             5,200  

  3.5% Preference                                                             

  Dividend Paid          3.5p               3,773     3.5p             3,773  

  TOTAL ABSORBED                          928,173                    866,893  

                          JERSEY ELECTRICITY GROUP

Group turnover rose 9% to £60.4M and operating profit increased 46% to £5M.
Growth in electricity sales was strong, despite mild weather conditions and
the Group's Consultancy and Contracting businesses led good profit
performances from all its non-electricity enterprises, with the exception of

Net profits were reduced by losses at the telecommunications company Newtel,
in which the Group's controlling interest was relinquished during the year to
make way for new investors, ahead of liberalisation of the Channel Islands'
telecommunications markets in 2002. Start-up losses were lower than expected
at the Group's joint venture Foreshore, which began trading from its primary
Internet Data Centre in the third quarter.

The impact of deferred tax liabilities assumed on the adoption of Financial
Reporting Standard 17 increased the Group tax charge by £1.1M leading to a
further reduced profit after tax of £2.4M, which compared with last year's
restated post-tax profit of £2.7M. Earnings per share declined 9% to £1.58.