Jersey Electricity 1H Unit Sales +1%, July To Date Similar To FY09

16th Jul 2010 09:08

LONDON (Dow Jones)--Jersey Electricity Company Ld (JEL.LN), the sole distributor of electricity on the Island of Jersey, said Friday that in the quarter ended June 30 unit sales of electricity in the Energy business were 1% higher than the same period a year ago, adding that unit sales for July to date are similar to those experienced in 2009. MAIN FACTS: -In the nine month period ended June 30, unit sales of electricity were at the same level as in 2009 but electricity revenues in the Energy business were 6% higher. -Higher electricity revenue is due to a tariff rise in 2009 offset by a tariff reduction of 5.1% on Jan. 1. -Power purchase and foreign exchange requirements are materially hedged for the remainder of this financial year. -A significant proportion of the forward imported power requirements for the following two years has been price fixed (2011: 80%; 2012:60%). -Foreign exchange requirements have also been substantially hedged for 2011 and the hedging program for 2012 is underway. -Other business units, at a total level, traded ahead of the corresponding financial position in the last financial year in both the last quarter and the year to date. -New switching station at South Hill is anticipated to be completed by June 2011 at an estimated cost of GBP10 million. -Cash balance at the end of June was GBP21 million being GBP4 million higher than the level at the last financial year end. -Balance sheet remains in a similar financial state to that issued at half year and there have been no significant changes in the overall financial position of Jersey Electricity since the interim report. -Shares at 0805 GMT unchanged at 6750 pence valuing the company at GBP39.28 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires July 16, 2010 04:08 ET (08:08 GMT)