Jersey Electricity will be increasing their prices by 7.5% from the start of next year.

The tariff increase – which will add around £2 per week to the average domestic electricity bill of £1,400 per year – will come into effect from 1 January 2025.

The company say that the increase – which is above the current 5% rate of inflation – is ‘in response to the wholesale energy market which, although showing signs of easing, remains much higher than historic norms’.

Jersey Electricity CEO Chris Ambler said: “We remain acutely aware of the rising costs of everyday essentials and the pressures on household budgets.

“We encourage any customers with concerns about their electricity bills to contact our Customer Care team. While we understand increases in electricity prices are unwelcome, we have worked hard to shelter customers wherever possible, including continuing to challenge ourselves to drive further efficiencies.”

Mr Ambler added: “After the increase comes into effect in January 2025, Jersey’s electricity prices will remain substantially lower than UK prices, which will be around 50% higher than Jersey’s. The Isle of Man and Guernsey’s electricity prices will also be more than 30% higher than Jersey prices from January next year.

“Turmoil in the international energy markets and the onset of Russia’s invasion of Ukraine have contributed to high and volatile wholesale energy prices across Europe and much of the world in recent years. Against this backdrop, we are starting to see signs of a more stable energy environment emerge, albeit with higher levels than historically has been the case. Our strategy of importing clean renewable electricity from France has helped to maintain relatively stable electricity prices, whilst making necessary investment and future-proofing the Island’s electricity network.”

At the start of 2024, electricity prices rose by 12%.

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