Jersey Electricity - Managing transition well
Jersey Electricity (JEL) continues to deliver steady 5% dividend growth, while managing consumer tariffs amid turbulent energy markets. Forward energy purchases have helped protect JEL and Jersey consumers from volatile wholesale markets over the last year, but this protection will decline from FY24. JEL should benefit from Jersey’s carbon-neutral goals, which will see increased electrification of the island, notably due to the displacement of carbon-intensive heating and transport with low-carbon energy purchased via subsea cables. We see the almost flat unit demand of recent years rising to a 2% CAGR through to 2030.Jersey Electricity is the sole supplier of electricity in Jersey. Co. is involved in the generation and distribution of electricity and jointly operates the Channel Islands Electricity Grid System with Guernsey Electricity Limited importing power for both islands. Co. also engages in retailing, property management, building services and has other business interests, including software development and consulting. Co.'s business segments are: energy; building services; retail; property; as well as other segments, which includes Co.'s Jersey Energy, Jendev and Jersey Deep Freeze Limited business units.
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