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Jersey Electricity (JEL)

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Thursday 24 January, 2008

Jersey Electricity

Interim Management Statement

Jersey Electricity Company Limited
24 January 2008

Jersey Electricity Company Limited



Interim Management Statement



The Jersey Electricity Company Limited is today publishing its first Interim
Management Statement as required by the revised UK Listing Authority's
Disclosure and Transparency rules, relating to the period from 1 October 2007 to
the date of issue of this announcement.



In the thirteen week period since the beginning of the financial year to the end
of December the unit sales of electricity in our Energy business rose by 8% due
mainly to unseasonably mild weather in the same period last year. Revenues in
the Energy business are 28% higher than the same period last year due to this
increase in sales volumes combined with a tariff rise which took place on 1
January 2007 to cover an increase in our cost base from escalating wholesale
electricity prices. A similar trending of unit sales and revenues continued
during the month of January 2008. We have pledged not to increase tariffs
further until at least 1 January 2009. Our power purchase and foreign exchange
requirements are materially hedged for the remainder of this financial year
mitigating recent further increases in wholesale electricity prices (on which
our European power importation contract is based) and the substantial weakening
of sterling against the euro. Our other business units, at a total level, are
trading ahead of the corresponding financial position in the last financial
year.



The £13m project to upgrade the electricity infrastructure in the west of
Jersey, which was initiated during the last financial year, continued on
schedule during the period since the last financial year end. It is still
expected to be completed in October 2008.



Our balance sheet remains strong and there have been no significant changes in
the financial position of the Company since the issue of our Preliminary
Announcement in mid-December 2007 for the year ended 30 September 2007.  The
cash balance at the end of December 2007 was £15m compared to £16m at the last
financial year end.







24 January 2008



For further information, please contact:



Martin Magee, Finance Director          Tel : 01534 505201
Peter Routier, Company Secretary        Tel : 01534 505253






                      This information is provided by RNS
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