Jersey Electricity : Annual Report - 2021

Inspiring a zero carbon future

Annual Report and Accounts 2021

Inspiring a zero-carbon future

Jersey Electricity's activities include the generation, transmission and distribution of electricity and the provision of energy related services. As the sole supplier

of electricity in Jersey, we take our responsibilities to our Island and its people very seriously. We aim to create value for all our stakeholders by investing in, developing and operating an electricity network that is fit for the future, while providing affordable, secure and sustainable energy for the community and fair returns for shareholders.

We know we have a key role in Jersey's transition to zero-carbon and having created a smart-enabled,low-carbon grid, we believe Jersey can achieve zero-carbon faster and more cost effectively than most jurisdictions. We rely on the skill, experience and commitment of a dedicated team, the reliability of our infrastructure assets and the faith and trust of our investors. We are ready for the demands zero-carbon will bring. We will continue to invest in our people and our infrastructure to support Jersey in the global fight against climate change.

Jersey Electricity KPIs	2021	2020
Revenue (£m)	118.6	111.7
Profit before tax (£m)	19.1	14.8
Ordinary dividend paid per share (p)	16.9	16.1
Unit sales of electricity (m)	639	619
Lost Time Injuries	2	1
Return on energy assets (%)	5.9	6.8
Customer minutes lost	5	5
CO2 level (gCO2e/kWh)	23	24
Customer service score	78	77
Employee engagement score	8.1	8.3

Detail of why these items are viewed as key indicators of performance is contained in the relevant sections within the Annual Report

Our Year in Numbers

639m	£118.6m	£89.8m
UNIT SALES UP 3%	GROUP REVENUE UP 6%	ENERGY REVENUE UP 5%
£6.1m	£1.4m	£1.5m
INVESTMENT PROPERTY	PROPERTY PROFIT	RETAIL PROFIT
REVALUATION	EXCLUDING	UP 30%
	REVALUATION
5.9%	16.9P	41%*
RETURN ON	DIVIDEND PAID	OF JERSEY'S TOTAL
ENERGY ASSETS		ENERGY CONSUMPTION
		IS ELECTRICITY
51,912	807	23
CUSTOMERS ON SUPPLY	NEW SERVICES	gCO2e/KWH
UP 390	INSTALLED	CARBON INTENSITY
20,935	5	170MW

OFF-PEAK TARIFFS	CUSTOMER MINUTES LOST	PEAK DEMAND
UP 941

£19.8m

RETAIL REVENUE UP 11%

£10.7m £19.1m

ENERGY PROFIT	GROUP PROFIT
BEFORE TAX DOWN 13%	BEFORE TAX UP 29%

53%* 95.2%

OF HOUSEHOLD ENERGY	IMPORTED FROM EDF
USED IS ELECTRICITY

855,898 4.8%

KWHS JE ON-ISLAND SOLAR

ON-ISLAND GENERATION

(INCL 4.4% ENERGY FROM WASTE PLANT)

347

EMPLOYEES

UP 42

*Government of Jersey Energy Trends 2020 published August 2021

Contents

Chairman's Statement	2
Chief Executive's Review	4
Vision & Values	6
Our People
Diversity, Inclusion & Equality	8
Employee Engagement and Wellbeing	12
Customers
Price Stability and Affordability	15
Service Innovation	16
Customer Satisfaction	18
Supply Security	20
Environment
Climate: Risks and Mitigation	22
Climate: Opportunity for Energy Growth	24
Electric Transport	26
Health, Safety & Environment	29
Stakeholders	30
Investors	32
Other Partnerships	34
Technology	39
Energy	40
Commercial	44
Outlook	48
Financial Review	51
Group Risk Management	55
Governance	60
Financial Statements	86

Directors, Officers and

Professional Advisers

NON-EXECUTIVE DIRECTORS

Phil Austin MBE, FCIB, FCMI (Chairman)

Alan Bryce MSc, CEng, FIET

Wendy Dorman BA, ACA

Tony Taylor BSc (Hons)

Amanda Iceton BA (Hons)

EXECUTIVE DIRECTORS

Christopher Ambler BA, MEng, CDipAF,

CEng, MIMechE, MBA (Chief Executive)

Martin Magee CA (Finance)

SECRETARY

Lisa Floris LLB (Hons)

REGISTERED OFFICE

Queen's Road, St. Helier, Jersey

PLACE OF INCORPORATION

Both Jersey Electricity plc ('the Company') and Jersey Deep Freeze Limited (together 'the Group') are incorporated in Jersey.

AUDITORS

PricewaterhouseCoopers CI LLP,

37 Esplanade,

St. Helier, Jersey, JE1 4XA

BANKERS

Royal Bank of Scotland International Limited,

71 Bath Street,

St. Helier, Jersey

BROKERS

Canaccord Genuity Wealth Management,

PO Box 3,

37 The Esplanade,

St. Helier, Jersey

REGISTRAR

Computershare Investor Services

(Jersey) Limited,

13 Castle Street,

St. Helier, Jersey

1 JERSEY ELECTRICITY