JERSEY ELECTRICITY PLC The power behind a net-zero Jersey
Annual Report and Accounts 2022
Inspiring a zero-carbon future
Jersey Electricity plc is the sole supplier of electricity in Jersey, serving over 52,000 business and residential customers. The Company's operations include the transmission, distribution, generation and supply of electricity as well as a range of energy related services and solutions.
Directors, Officers and Professional Advisers
NON-EXECUTIVE DIRECTORS
Phil Austin
MBE, FCIB, FCMI (Chair)
Alan Bryce
MSc, CEng, FIET
Wendy Dorman
BA, ACA
Tony Taylor
BSc (Hons)
Amanda Iceton
BA (Hons)
Kayte O'Neill
BA (Hons)
EXECUTIVE DIRECTORS
Christopher Ambler
BA, MEng, CDipAF,
CEng, MIMechE, MBA
(Chief Executive)
Martin Magee
CA (Finance)
SECRETARY
Andrew Welsby
BA, MA, FCIPD
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
Contents
How we performed in 2022 | 5 | ||
STRATEGY | 6 | ||
Our Purpose, Vision and Values | 6 | ||
Strategy for achieving our Vision | 8 | ||
Chair's Statement | 10 | ||
Chief Executive's Review | 12 | ||
Our Business and Business Model | 14 | ||
Energy | 16 | ||
Health, Safety & Environment | 18 | ||
Other Businesses | 20 | ||
Climate: | 24 | ||
Sustainability Framework | 24 | ||
Opportunity for Energy Growth | 28 | ||
Electric Transport | 30 | ||
Price Stability and Affordability | 32 | ||
Technology | 34 | ||
Stakeholders | 36 | ||
Customers | 36 | ||
Our people | 42 | ||
Other stakeholders | 48 | ||
Outlook | 52 | ||
Financial Review | 54 | ||
Group risk management | 58 | ||
TCFD Disclosures | 66 | ||
GOVERNANCE | 74 | ||
Board of Directors | 74 | ||
Directors' report | 78 | ||
Corporate governance | 79 | ||
Nominations Committee Report | 81 | ||
Audit and Risk Committee Report | 84 | ||
Remuneration Committee Report | 87 | ||
Statement of Directors' Responsibilities | 91 | ||
Independent Auditor's Report | 92 | ||
FINANCIAL STATEMENTS | 98 | ||
How we performed in 2022
Our Key Performance Indicators (KPIs) are quantifiable measurements which help gauge overall performance and help make informed decisions about our operations and strategy. Detail of why we view these items as key indicators of performance is contained in the relevant sections within this Annual Report.
Jersey Electricity KPIs | 2022 |
Revenue (£m) | 117.4 |
Profit before tax (£m) | 10.6 |
Ordinary dividend paid per share (p) | 17.8 |
Unit sales of electricity (m) | 613 |
Lost Time Injuries | 2 |
Return on energy assets (%) | 4.2 |
Customer minutes lost | 5 |
CO2 level (gCO2e/kWh) | 22 |
Customer service score | 77 |
Employee engagement score | 7.8 |
2021 2020
118.6 111.7
19.1 14.8
16.9 16.1
639 619
2 1
5.9 6.8
5 5
23 24
78 77
8.1 8.3
4 JERSEY ELECTRICITY
Annual Report and Accounts 2022 | 5 |
Strategy
Our Purpose, Vision and Values
Our Purpose
Our Purpose is to 'enable life's essentials' by providing the people of Jersey with secure, reliable, affordable and sustainable electricity today and long into the future.
Our Vision
Our Vision is to 'inspire a zero-carbonfuture' by being the energy partner of choice whilst working to the seven pillars of that Vision.
Our Values
Our six core Values are key to our culture. They guide the behaviours we expect of each other as we work towards our Vision.
Customers
We put customers at the heart of our business, giving them choice, control and value for money in a transparent and trusted way.
Environment
We support the Government of Jersey's Carbon Neutral Roadmap by growing electricity's share of the energy market, reducing carbon emissions, helping to conserve resources and protecting the environment.
Safety
We do everything safely and responsibly or not at all - nothing is more important than the safety of the public, our customers and our people.
Teamwork
We value diversity and respect and value our colleagues as individuals. We believe we are stronger as a team, leading to better solutions and a more enjoyable and rewarding work life.
Lifestyle
We aim to enhance the lifestyle of Islanders and power the economy by providing innovative, low-carbon energy services and solutions.
Our People
We aim to be an employer of choice in Jersey, where employees are engaged , supported and developed.
Technology
We aim to be leaders in the application of technology, enhancing efficiencies, unlocking new services and digitally enabling our employees and our customers.
Investors
We provide fair returns to our investors over the medium to long-term.
Partnerships
We aim to be the partner of choice for the Government of Jersey and the Island's parishes, supporting all their energy needs.
Reliability
We are trustworthy, dependable and reliable, delivering on our commitments and always there when our customers need us.
Customer Focus
We listen to our customers and seek to understand and respond to their needs, treating them the way we would wish to be treated, with respect and honesty.
Excellence
We continuously strive to work in a way that is both innovative and simple to deliver cost effective solutions.
Responsibility
We accept responsibility for everything we do, safeguarding the natural environment and the local community, as well as the interests of all our customers and people.
6 | JERSEY ELECTRICITY | Annual Report and Accounts 2022 | 7 |
Strategy
Strategy for achieving our Vision
Increase electricity's share | Enable customers to convert | |||
of the energy market. | domestic and commercial | |||
premises to value-for-money, | ||||
low-carbon electric heating | ||||
and cooling solutions. | ||||
Develop local, affordable renewable energy for anyone who wants it.
Lead in the application of technology to benefit customers by providing new and improved services and driving efficiency in our business.
Create value for all stakeholders, by providing fair pricing for customers and fair returns for shareholders.
Deliver a well-invested network and a highly skilled, diverse and engaged workforce committed to a zero-carbon future.
Develop e-mobility and EV charging solutions to encourage cleaner, more efficient, electric transport.
Provide integrated services 'beyond the meter' that put customers at the heart of the energy system.
Our strategies and work streams will enable us to achieve our Vision. They are also aligned with,
and are fully supportive of the Government of Jersey's net-zero carbon emissions ambitions.
8 | JERSEY ELECTRICITY | Annual Report and Accounts 2022 | 9 |
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Jersey Electricity plc published this content on 20 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2022 16:38:26 UTC.
