Jersey Electricity PLC

Inspiring a zero-

carbon future

Annual Report and Accounts 2025

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Contents

At Jersey Electricity (‘the Company’), we are committed to delivering energy

that is safe, reliable, sustainable and affordable to our Island community.

Safety

is at the heart of our operations,

protecting our employees, customers

and the wider community.

Reliability

ensures homes and

businesses have the energy they

need, every day.

Sustainability

drives our investment in

low-carbon technologies and shapes

how we manage our energy network .

Affordability

ensures our services

remain accessible and competitively

priced for all.

Strategy

Chair’s review

Chief Executive’s review

Purpose, vision and values

Our performance

Understanding our stakeholders

Sustainability

JE Energy

Accelerating solar deployment

Health, safety and wellbeing

JE Home & Business

Electric mobility

Other businesses

JE Technology

Financial review

Group risk management

Climate-related disclosures

Governance

Board of Directors

Directors’ report for the year

ended 30 September 2025

Nominations Committee

100

Audit and Risk Committee

104

Remuneration Committee

108

Financial statements

Independent Auditor’s Report

to the members of Jersey Electricity plc

114

Consolidated Income Statement

119

Consolidated Statement of Comprehensive Income

120

Consolidated Balance Sheet

121

Consolidated Statement of Changes in Equity

122

Consolidated Statement of Cash Flows

123

Notes to the Consolidated Statements

124

Five Year Group Summary

149

Alternative performance measures

150

Financial calendar

151

Shareholder information

152

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Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Phil Austin MBE leads a Board comprising experienced

Executive and independent Non-Executive Directors.

Together, they provide strategic direction and strong

corporate governance to ensure the long-term success

and sustainability of the Company.

Strategic investment:

Powering Jersey’s net‑zero transition

Following the celebration of our centenary in 2024, 2025 has been a year of

continued investment and progress. The year began with a centenary stakeholder

dinner, attended by a cross-section of employees, pensioners, suppliers, partners

and Government representatives, marking both a celebration of the Company’s

heritage and a shared commitment to Jersey’s energy future. It set a fitting tone

for a year defined by collaboration, ambition and progress.

It has also been a demanding period, reflecting our sustained focus on building a

modern, efficient and resilient energy system for the Island’s future. Our ambition

remains clear: to accelerate Jersey’s transition to net zero while delivering secure,

reliable, sustainable and affordable energy for all customers. Progress has been

evident across the business. We have strengthened network reliability and net zero

readiness, invested in new skills and technologies, and deepened collaboration

with Government, stakeholders and the wider community to advance the Island’s

sustainability goals.

Chair’s review

In 2025, Jersey Electricity has

demonstrated how innovation,

strategic investment and sustainable

growth can power a resilient future.

By embracing new technologies

and strengthening our infrastructure,

we continue to deliver value for our

stakeholders while advancing Jersey’s

journey towards a low-carbon, secure

energy system

GROUP REVENUE

£146.2m

FY24: £135.7m

PROFIT BEFORE TAX

£14.2m

FY24: £15.1m

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

During the year, we reached key milestones on three major

initiatives central to our long-term strategy. The Big Upgrade,

our £120m programme to modernise and reinforce Jersey’s

electricity network, remains on schedule, replacing ageing

assets, increasing capacity and preparing the grid for an

all-electric future.

In parallel, the £30m La Collette Resilience Programme

has continued to enhance on-Island backup generation,

improving the resilience of Jersey’s energy supply.

Commissioning the St Clement Solar Farm in spring 2025

marked a significant milestone: the Island’s first utility-scale

renewable generation project. This development represents

an important step towards energy independence and lays

the groundwork for further renewable growth.

Together, these projects demonstrate Jersey Electricity’s

long-term commitment to strategic investment, operational

excellence and responsible leadership. Our approach

balances the need for infrastructure modernisation with

affordability and environmental responsibility, ensuring

sustainable benefits for customers, shareholders and

the Island.

Performance

The Group delivered a solid performance in 2025,

underpinned by disciplined management and continued

investment. The easing of wholesale electricity markets

provided some relief, and we welcome a period of relative

stability in wholesale energy prices after several years of

severe volatility.

Revenue increased to £146.2m, up 8% on the prior year,

driven by steady unit sales growth and the continued

transition to electric heating and transport. Profit before

tax was £14.2m, lower than the previous year primarily due

to the revaluation of the property portfolio and a one-off

past service pension liability.

Our Energy business achieved a 6.4% return on assets,

maintaining robust performance on a five-year rolling basis.

Other divisions performed in line with expectations.

We remain well positioned for the future, with a strong

balance sheet, clear strategic direction and demonstrable

progress against our long-term objectives. The current

pricing structure continues to offer good value and stability

for customers while supporting the investment required to

deliver Jersey’s energy transition.

The Board has recommended a final dividend of 20.82p per

share, an increase of 5% on the previous year, payable on

13 March 2026. This reflects our solid financial position and

ongoing commitment to sustaining shareholder value,

while investing at record levels in Jersey’s energy future.

As we look ahead, our focus remains clear: to lead Jersey’s

transition to a net zero future with responsibility, foresight

and purpose. We are building not only an energy system,

but a legacy of reliability and sustainability for our Island.

Corporate governance

Strong governance is central to our success. The Board

is committed to the highest standards of corporate

governance, ensuring all innovation and investment activity

is delivered responsibly, transparently and in line with

stakeholder expectations.

In accordance with the UK Corporate Governance Code

2018, the Board identified two key areas of focus for FY25:

Progress towards Jersey’s net zero goal while further

reducing our own carbon footprint.

Support customers through energy efficiency initiatives,

ensuring our services remain safe, reliable, affordable

and sustainable.

You can read about the good progress we have made in

both areas on pages 32 to 35.

The Board determined its key areas of focus for FY26

as follows:

Continue to ensure secure, resilient, affordable and clean

electricity supply for Jersey, investing in core infrastructure

to underpin economic growth and meet the needs of

current and future customers.

Provide oversight on our major infrastructure projects

– the Big Upgrade, La Colette Resilience Programme,

the Normandie 2 submarine cable replacement and,

internally, the Smart Upgrade, the Enterprise Resource

Planning (ERP) project, with particular emphasis on

resource management and cost control.

Board changes

In October 2024, we welcomed two new independent

Non-Executive Directors, Iman Hill and Roger Blundell, whose

expertise further strengthens the Board as it oversees the

Company’s delivery and strategic programme.

During the year, Lynne Fulton, Chief Financial Officer, stepped

down from the Board and will leave the Company in February.

On behalf of my colleagues, I extend our sincere thanks to

Lynne for her contribution and wish her every success in

the future. The search for her successor is underway, and the

Board is focused on appointing a candidate who will

continue to strengthen the Company’s financial leadership

and support our long-term strategic objectives.

As part of our succession process, I am delighted to announce

the appointment of Paul Savery as a Non-Executive Director,

effective 1 December 2025. Paul brings extensive director

experience and a strong commercial background, which

will be invaluable in supporting our continued growth and

strategic direction.

I would also like to express my appreciation to my fellow

Directors, the leadership team and all employees across

the Group. Their professionalism, commitment and integrity

help drive our progress and underpin our success.

Summary

2025 has been a defining year for Jersey Electricity,

one that demonstrates how disciplined investment,

sound management and responsible innovation can

deliver resilience and progress. We have strengthened

our foundations, advanced key strategic projects and

maintained strong financial performance while upholding

our responsibilities to customers, shareholders and

the community.

As we look ahead to FY26 and beyond, the Board remains

confident in the Company’s direction and its ability to lead

Jersey’s energy transition with responsibility, foresight

and purpose.

Phil Austin MBE

Chair

Chair’s review

(continued)

Our commitment to innovation

and investment is about more

than strengthening today’s network,

it’s ensuring Jersey has the secure,

sustainable energy infrastructure

it needs for generations to come.

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Foundations for sustainable growth

In a year defined by the scaling up of investment behind a new business plan, we

have taken significant steps to establish new foundations, structures and processes

that will help us deliver safe, reliable, affordable and sustainable power.

Our business is already delivering strong operational outcomes and these new

foundations provide a platform to support our customers, shareholders and

community while contributing to the Island’s net zero ambitions.

The challenge of decarbonising Jersey is significant if we are to achieve it while

also maintaining safety, affordability and security. Our commitment to sustainability

is driving investment across every part of our business, from grid modernisation

and the integration of renewables to customer solutions, digitalisation and

technology innovation.

The progress outlined in this report is testament to the efforts of our team who have

collectively embraced the need for change – to be more focused on customers

than ever before, and to do so efficiently and innovatively.

Their dedication and expertise are the cornerstone of this year’s achievements,

and I thank our whole team for this.

Strategic priorities

We have made solid progress this year, further developing our planning process

which has led to our most ambitious business plan yet. This has provided a north

star to guide our business activities, and a real cadence around our headline

projects. We have seen encouraging progress, marked by improving performance

alongside foundation-setting for the future.

Chief Executive’s review

In a year defined by a scaling up of

investment, significant steps have been

taken to ensure solid foundations,

structures and processes are in place

to deliver safe, reliable, affordable and

sustainable power.

ENERGY

REVENUE

£118.4m

FY24: £108.1m

ENERGY

BUSINESS PROFIT

£12.7m

FY24: £13.0m

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

People

Our people are integral to our success, helping us to deliver

on our strategic priorities. This year we created a Business

Leadership Team (BLT) to empower senior talent to step up

and take stronger ownership for eight key strategic

programmes of work.

Our People & Culture strategy aims to develop a culture of

engagement and empowerment, where employees are

encouraged to lead their workstream activities as if it were

their own business. The BLT structure has created a strategic

leadership space for eight employees exemplifying these

values to take responsibility and influence the delivery of

our key objectives.

Progress in our employee engagement is reflected in strong

return rates in our surveys and high-quality engagement

around the Company, putting JE in the top quartile on

engagement for another year.

Supply security and resilience

Jersey Electricity will formally adopt an enhanced Security of

Supply Standard by summer 2028. Work is underway to build

further security in the network, reflecting the Island’s increased

reliance on electricity as its primary energy source.

Jersey Electricity’s positive record of supply security continues

with an industry-leading customer minutes lost score,

although we narrowly missed our target due to planned

isolations required as part of major works. Maintaining

secure electricity supplies is paramount to supporting Jersey’s

economy and encouraging customers to switch to electric

heating and transport.

The £30m La Collette Resilience Programme has made

significant strides, safely demolishing the 50-year-old

steam turbines and associated infrastructure. The next

stage is to run a tender process for new generators which

would provide an additional 50 MW of on-Island fast start

backup generating capacity.

Setting the foundations for the electricity network of the

future is driving our largest ever investment into the network,

known as The Big Upgrade. This £120m investment over five

years will ensure we can meet the forecasted 25% increase in

peak demand to achieve the Island’s net zero target, while

providing customers with the flexibility to access the power

they need. Our innovative use of smart metering data has

enabled us to identify parts of our infrastructure that are

capacity constrained and ensure we deploy capital in the

most targeted and efficient way.

Working with Guernsey Electricity as part of our Channel

Islands Electricity Grid partnership, we’re advancing the

replacement of Jersey’s oldest subsea cable. This project

began at the end of 2024, and we have made good progress

defining our technical requirements and planning for consent

in both Jersey and France, and have moved well into the

tendering process.

Long‑term clean, green energy

Jersey currently imports around 94% of its electricity from

France through a supply contract with EDF. Our current

contract expires at the end of 2027 and we are pleased

to report good progress in negotiations. While there will

be some structural changes to the new contract, we are

confident it will provide the framework for us to continue

to deliver competitively priced power and good outcomes

for our customers. Meanwhile, we are well placed with our

current hedged position, which remains in place until our

incumbent contract expires.

Our strategy to import competitively priced low-carbon

power from nuclear and certified hydro-electric sources,

while diversifying our energy mix with locally sourced

renewable power, continues to serve the Island well. It has

resulted in a market-leading average carbon intensity of

distributed energy, and highlights a major advantage of

electricity as the Island’s predominant energy source.

Customers report that pricing is one of the most important

attributes of our service, and we are proud to have

successfully sheltered them from significant increases over

recent years, when European wholesale markets have spiked

upwards. While prices elsewhere have eased, electricity

is still substantially cheaper in Jersey than in many countries

in Europe.

Fuel switching momentum built towards the end of the

financial year, as we refocused our efforts to ensure we

meet customers’ needs and have the right low-carbon

technologies in place for the long term.

Our ‘heat pump first’ approach combined with government

incentives drove strong levels of domestic fuel switches

and we saw our strongest set of heat pump sales,

suggesting a shift in consumer sentiment. We continue to

partner with Government to support policy outcomes and

provide administration services for their Carbon Neutral

Roadmap initiatives.

The commercial sector has delivered particularly encouraging

results – well ahead of historic performance – concluding in

our most positive year in a decade for switches outside of

the post-covid high.

Further investment in our sustainable transport strategy has

supported the adoption of electric vehicles (EV) and ensures

we prepare the Evolve public charging network for future

flexibility and resilience. We invested in upgrades at several

strategic locations to provide more rapid charging options,

and installed new ultra-rapid chargers in Gorey and St Aubin.

We have also made progress with the next generation of

home-charging technology.

Chief Executive’s review

(continued)

With new projects delivering

locally-generated power to the

grid for the whole community, solar is

becoming increasingly affordable,

stable and complementary to our

imported power from France

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Through our Solar 5000 project, we’re working to power the

equivalent of 5000 homes with locally generated solar by

2030. We reached a key milestone this spring, cementing

our commitment to energy diversification, when Jersey’s

first solar farm was commissioned. Moulin à Vent is a 4 MW

project in St Clement – home to over 100 sheep who graze

beneath the solar array – and has materially outperformed

expectations this year (see page 44).

We have also seen positive progress on two significant

ground-mount solar farms which will be connected to the

local grid in early 2026, with consultations in progress on

two further sites. Rooftop solar projects remain a vital part

of our local energy generation strategy, with sites at the

airport and St Clement’s Parish Hall due to be commissioned

in FY26.

We remain supportive of Government as it considers offshore

wind, and we continue to explore the role JE can play in

its development.

Technology

Supporting our business portfolio as well as our customers

with innovative technology is a strategic priority. One core

outcome has been a major transformation programme

focused on simplifying processes, eliminating technical

debt and implementing best-in-class applications through

the strategic use of technology.

This includes a shift toward secure, scalable, cloud-delivered

systems that improve efficiency and resilience while

seamlessly connecting business areas. We are now finalising

plans and establishing key partnerships, ready to deploy the

new enterprise resource planning system next year. Good

progress has also been made to the rollout of advanced

metering infrastructure, marking a critical step toward a

smarter, more connected energy future.

We continue to invest in our current energy efficiency

platforms, and have developed a new commercial platform,

My JE for Business. This year, we held a successful pilot

scheme with the business community to help companies

manage their electricity usage across multiple sites.

Supplementing the app for residential users, this is an

important part of our strategy to encourage customers

to use resources more efficiently.

Customer

Customers remain the lifeblood of all we do. Acutely aware

of our monopoly heritage, we are working harder than ever

to better serve customers’ needs now and into the future.

Our Group-wide initiative Think Customer has further

improved our processes, skills and systems. As part of this, we

held workshops with every employee in the Company this

year to challenge them to consider how their role impacts

customer experience, even if they’re not in a traditionally

customer-facing role. We want to empower our colleagues

to ensure engaging with JE and its businesses is as

straightforward as possible.

Think Customer is helping build our customers’ trust in both

the Company, and the quality of our products and services.

Our Institute of Customer Service Survey Score maintains our

position in the upper quartile for utilities and our customer

satisfaction score also paints a positive result. This is a great

achievement, putting JE towards the top of the pack

alongside strong international performers.

Financial performance

FY25 was an ambitious year with the launch and

implementation of key infrastructure projects that will define

JE’s activities for the long term. Against this significant agenda,

we delivered a positive year of performance outcomes.

Group revenue for the year to 30 September 2025 rose 8%

to £146.2m (FY24: £135.7m), while profit before tax declined

6% to £14.2m (FY24: £15.1m).

The Energy business delivered a 6.4% return on assets,

sustaining strong performance on a five-year rolling basis.

Electricity unit sales reached 616 million kWh, a slight increase

on the prior year, driven by colder winter conditions and

continued electrification trends in heating and transport.

Following significant instability, the wholesale energy markets

have been broadly settled this year. This stability meant we

were able to announce a sub-RPI tariff increase of 2.5%,

implemented from 1 March 2026 – after the winter period to

protect customers. This is encouraging news, particularly

given the current cost-of-living pressures, the strategic

investments we’re making, and the work underway to

strengthen our foundations for future growth.

Outlook

With several strategic projects making great headway,

we end the year in a strong position. The critical groundwork

we delivered this year creates a resilient platform for

delivering long-term value to our customers, community

and stakeholders.

The coming 12 months will present challenges and

opportunities, as we strive to balance short-term projects

with longer-term investments.

Our agenda is broad and ambitious. From the springboard

we have invested in this year, JE is well-positioned to deliver

continued sustainable growth, support the Government

in its Carbon Neutral Roadmap ambitions and remain the

energy partner our Island deserves, while delivering fair

returns to shareholders.

After a difficult period of market volatility, during which our

focus has been to support and protect Islanders, we remain

in a good position with a new import contract with France

nearing completion.

We will continue to invest significantly in our core network,

strengthen our position in renewable energy across

Jersey and implement new approaches to accelerate the

decarbonisation of homes and businesses – most notably

in heating, cooling and transport.

Our significant investment programme calls for additional

financing. We are confident this can be secured in a manner

that creates value for consumers in a risk-managed way.

This will continue to be a focus into next year.

Our people, assets and processes, and the way they

come together, will be central to our promise to deliver

safe, reliable, affordable and sustainable services to our

community and shareholder value for the long term.

Chris Ambler

Chief Executive

JE stands at a pivotal moment. Building on this

year’s momentum, we are shaping a future of

energy innovation, climate leadership, and sustainable

growth. Our platform is set to deliver lasting value for

our Island, our customers and our community

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Jersey Electricity

(JE) powers the

lives of around 54,000 homes and

businesses across Jersey. We’re a

vertically integrated power company,

meaning we manage everything from

importing and generating electricity

to transmitting, distributing and

supplying it safely and reliably.

Our goal is simple, to provide safe, reliable,

affordable and sustainable energy for everyone

and every business in Jersey now and long into

the future. Listed on the London Stock Exchange,

we’re proud to play a central role in supporting

the Island’s community and economy.

Today, around 94% of the electricity we supply

comes from low-carbon sources in France, roughly

two-thirds nuclear and one-third hydroelectric,

delivered through three undersea supply cables.

This clean energy mix has allowed us to virtually

eliminate carbon emissions from Jersey’s

electricity supply. The remaining energy comes

from Jersey’s Energy from Waste plant, on-Island

solar generation and from test running our thermal

generation plant.

Beyond electricity, our businesses include retail

(

Powerhouse

), IT advisory (

Jendev

), building

services (

JEBS

), environmental engineering

and property, offering a range of services that

support customers and the wider community.

At Jersey Electricity, we’re committed to

enabling life’s essentials today and inspiring

a zero-carbon future.

Purpose, vision and values

Our purpose

To enable life’s essentials

by providing the

energy that powers homes, businesses

and communities across Jersey.

Our vision

To inspire a zero-carbon future

delivering safe, reliable, sustainable

and affordable energy.

Our values

Our six core values shape our culture and guide how

we work together to achieve our vision.

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.

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.

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.

Reliability

We are trustworthy, dependable and reliable, delivering on

our commitments and always there when our customers

need us.

Excellence

We continually strive to work in a way that is both

innovative and simple to deliver cost-efficient solutions.

Responsibility

We accept responsibility for everything we do, safeguarding

the natural environment and the local community, as well

as the interests of our customers and people.

Our purpose, vision & values

Business enablement programmes

Infrastructure programmes

Think

Customer

The Smart

Upgrade

People

Power

The Big

Upgrade

Supply Security

and Resilience

Long-term Green,

Clean Energy

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Our business model

Jersey Electricity operates through three core business pillars, each playing

a vital role in delivering safe, reliable, affordable and sustainable energy

solutions for Jersey while supporting innovation and long-term growth.

We aim to achieve an attractive risk adjusted return to shareholders, at the

same time as delivering attractive products and services for customers now

and into the future.

Our strategy framework

About Jersey Electricity

(continued)

JE Energy

Our vertically integrated energy business is self-regulated and

responsible for generating, importing, transmitting, distributing

and supplying electricity to around 54,000 customers across

Jersey. This model ensures secure, affordable and low-carbon

energy for the Island.

JE Home & Business

JE Home & Business focuses on beyond-the-meter

solutions for homes and businesses, provides fuel switching

services, small-scale solar installations, building services,

property for rent and energy efficiency advice, and operates

The Powerhouse retail store. The Powerhouse retails home

appliances, health and wellbeing products, and smart

home technologies, supporting the Island’s transition to

sustainable living.

JE Technology

The technology business drives digital innovation and

transformation across the Group, JE Technology develops and

commercialises technology solutions that enhance operations

and customer experience. From app development and

data-driven insights to sustainable transport platforms,

this pillar enables efficiency, innovation and the potential to

leverage best-in-class technology platforms into new markets.

Our strategic objectives

Our strategic

priorities

Our strategy

Safe

Reliable

Affordable

Sustainable

Import low-carbon energy and

develop on-island renewables

as and when viable

Develop low-carbon

customer solutions to

drive growth

Leverage value chain and

technology to drive innovation

and efficiency

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

About Jersey Electricity

(continued)

Our strategic objectives

We measure our success through four key objectives that reflect the value we

deliver to Jersey:

To deliver on these objectives, we have a strategy that defines the strategic choices we have made

and guides our allocation of resources:

Import low-carbon energy and

accelerate on-Island renewables

to ensure a reliable and sustainable

supply when economically viable.

Develop cost effective low-carbon

customer solutions for transport and heat

to support Jersey’s energy transition.

Leverage fully integrated business

model and technology to drive

innovation and efficiency.

Together, our objectives and strategic priorities ensure that Jersey Electricity continues to provide

essential energy today, while shaping a safe, sustainable and affordable energy future for the Island.

Our strategic priorities

Safe

Reliable

Affordable

Sustainable

Key work programmes

Business enablement programmes

Our work programmes are

central to delivering Jersey

Electricity’s purpose, powering

a zero carbon future for

Jersey through a safe, reliable,

affordable and sustainable

electricity supply. In FY25, we

advanced key infrastructure

programmes that underpin the

Island’s transition to net zero

and enhance the resilience

of our energy network for

generations to come.

Delivering Jersey’s energy

transition means we need

to invest not only in physical

infrastructure, but also in the

people, systems and culture

that will sustain it. Our business

enablement programmes

strengthen how we operate –

enhancing customer experience,

improving efficiency and

digital capability, and investing

in the people and skills that will

shape our future. By focusing

on our customers, leveraging

technology and empowering

our people, we are building

a resilient organisation ready

to lead Jersey’s transition to a

sustainable, all-electric future.

The Big Upgrade

Futureproofing Jersey’s network with a £120 million

investment in our electricity infrastructure.

Supply Security and Resilience

Strengthening supply resilience and enhancing

on-Island generation with the £30 million La Collette

Resilience Programme.

Long-term Green, Clean Energy

Accelerating Jersey’s renewable transition with a goal to

power 5,000 homes from solar energy by 2030 through

a £30 million commitment to Solar 5000, and enabling

access to cost effective, risk managed, imported energy.

Think Customer

Designed to deepen our understanding of customer

needs, improve every interaction and ensure our products

and services deliver real value and satisfaction.

The Smart Upgrade

Brings together three major programmes, advanced

metering infrastructure, enterprise resource planning

and retail transformation, to modernise how we work

and how customers experience our services.

People Power

Our long-term commitment to developing the capability,

culture and leadership needed to thrive in a rapidly

evolving energy sector.

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Our performance

Jersey Electricity sets clear key performance indicators (KPIs) to show how we

are meeting our commitments to customers, the community and Jersey’s energy

future. These measures help guide our decisions, inform our plans and keep us

focused on providing safe, reliable, affordable and sustainable energy.

Financial Performance FY25

Revenue (£m)

£146.2m

+8%

FY24

£135.7m

Growth driven by tariff increase, higher demand due to colder winter conditions

and fuel switching.

FY23

£125.1m

Unit Sales of Electricity (m)

616m

+1%

FY24

609m

Increase as a result of colder winter conditions and continued electrification

in heating and transport, offset by improvements in energy efficiency.

FY23

608m

Profit Before Tax (£m)

£14.2m

(6)%

FY24

15.1m

Decrease in profit due to revaluation of property portfolio and a one-off

pension cost.

FY23

14.9m

Ordinary Dividend Per Share (p)

20.8p

+5%

FY24

19.8p

Dividend growth reflects JE’s focus on sustainable, predictable returns while

supporting ongoing investment.

FY23

18.8p

Return on Energy Assets (5-year rolling avg%)

6.4%

+1pp

FY24

6.3%

Showing sound operational results while effectively managing the Company’s

investment programme.

FY23

6.2%

Non‑Financial Performance FY25

Customer Minutes Lost (CMLs)

7.7

(19)%

FY24

9.5

Planned network interruptions for the Big Upgrade impacted CMLs slightly.

FY23

4.0

Customer Service Score (average of 1 to 100)

75.4

(3)

FY24

77.5

A slight decrease linked to the timing of the tariff increase, has been offset

by improved complaint handling and overall customer experience.

FY23

80.3

Employee Net Promoter Score (-100 to +100)

(2)%

FY24

Employee engagement declined marginally amid major organisational

transformation driven by strategic and digital initiatives.

FY23

Environment and Safety Performance FY25

Level (gCO

e/kWh)

24.74

–

FY24

24.85

Carbon intensity remains low, supported by low-carbon imports

and on-Island renewable generation.

FY23

25.30

Safety – Lost time injuries (events)

–

FY24

Continued focus on safety has kept workplace incidents at a very low level,

the one lost time injury recorded was not serious.

FY23

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Chris Ambler

Chief Executive

Stakeholder engagement in FY25:

Unlocking innovation, long‑term investment and growth

Understanding

our stakeholders

Strong stakeholder relationships underpin our strategy for

innovation, long-term investment and sustainable growth in

the Island. As we progress our vision to inspire a zero-carbon

future, open and constructive engagement ensures our plans

are informed, inclusive and impactful.

Stakeholder objectives

1. Build trust

Provide reliable, affordable and low-carbon energy

with excellent service and clear communication.

2. Empower our people

Create a safe, inclusive and high-performance culture

where people feel confident to engage and thrive.

3. Lead Jersey’s energy transition

Work with partners to accelerate electrification and

achieve a sustainable, net zero future.

Informing investment through dialogue

Regular engagement between Board members, senior

leadership and Government supports our alignment

with national policy goals, including the Carbon Neutral

Roadmap and Jersey’s 2050 net zero target. This ongoing

collaboration reinforces confidence among investors,

suppliers and partners that Jersey Electricity is a stable,

forward-thinking business equipped to lead the transition.

Delivering our strategy relies on strong relationships with

all those whom we serve and work with:

Employees

Our success depends on the talent, diversity and

commitment of our people, who drive innovation

and bring our strategy to life. (See pages 22 to 24)

Customers

We’re committed to delivering a safe, reliable,

affordable and sustainable service that meets

customer needs today and into the future.

(See pages 26 to 27)

Communities and NGO’s

The support of our communities is essential to

achieving a fair and sustainable energy transition,

that is respectful of our Island. (See pages 28 to 29)

Government

As both policy maker and shareholder, a strong

partnership with Government is key to maintaining

strategic momentum. (See page 30)

Shareholders

Prudent financial and risk management enables

us to deliver stable, risk-adjusted returns and fund

future investment. (See page 31)

Partners, suppliers and contractors

We rely on healthy on and off-Island supply chains

that can support our strategy and that are committed

to our success.

Engaging meaningfully with our

stakeholders is central to building

relationships and strengthening trust. Their

feedback and insight help us anticipate

future needs, focus our resources and

deliver solutions that create lasting value

– for today, and for generations to come.

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

People power

Understanding our stakeholders

(continued)

Andrew Welsby

People & Culture Director

Investing in people: Growth, innovation

and strategic commitment

In FY25, we continued to build momentum with our People &

Culture strategy, delivering a year of meaningful progress

across employee development, organisational innovation

and strategic investment. These efforts reflect our belief

that sustainable business growth is inseparable from the

wellbeing, capability and engagement of our workforce.

Growth through talent development

A cornerstone of our growth strategy this year was the

expansion of our early careers pipeline through targeted

outreach and community engagement. Our support for the

Primary Engineer programme enabled more than 1,000 Jersey

pupils to participate in a hands-on engineering competition,

sparking interest and gender diversity in STEM careers and

strengthening our presence in local schools. JE employees

volunteered as judges and mentors, and the judging and

grading was hosted on-site, reinforcing our role as a

community-minded employer.

In parallel, our bursary scheme continued to support aspiring

engineers and technicians through financial assistance

and mentoring. This initiative has helped build long-term

relationships with students and institutions, while also

ensuring a steady flow of talent into the business. The bursary

programme is a key part of our ‘grow our own’ philosophy, and

several recipients have gone on to join JE in permanent roles.

We also made strides in succession planning. The creation

of the Business Leadership Team, a group of high-potential

senior leaders, has accelerated development for future

executive roles. This initiative will increase leadership capability

and establish a robust succession pipeline, reinforcing our

commitment to internal growth.

Innovation in people strategy

Innovation was a defining theme in our people agenda this

year. We introduced several forward-looking initiatives that

reflect our commitment to continuous improvement and

creative thinking.

One such initiative was the launch of WeCare, a digital health

and wellbeing platform offering 24/7 access to virtual GP

consultations, mental health support and fitness programmes.

Over 30% employees engaged with the platform at launch,

and feedback has been overwhelmingly positive. This

investment in employee wellbeing complements our existing

healthcare benefits and demonstrates our duty of care in a

tangible, modern way.

Internally, we implemented the HiBob HR system to modernise

performance management. This digital tool has streamlined

appraisals and improved alignment between individual

objectives and Company goals. Managers were trained in

goal-setting and feedback, reinforcing a high-performance

culture. Alongside this, we completed work to allow for the

outsourcing of payroll commencing in October 2025 and

developed a business case for a new learning management

system – both steps in our ongoing HR digital transformation.

Building a culture of engagement and inclusion

Employee engagement remained strong throughout the year.

Our June 2025 survey saw 85% participation and an employee

Net Promoter Score (eNPS) of +31, placing us in the top

quartile for engagement of similar organisations surveyed.

These results reflect a culture of listening and continuous

improvement, supported by employee-led enhancements

across departments.

We also rolled out Recognize, a peer recognition platform

that logged more than 476 instances of kudos. This initiative,

coupled with the launch of semi-annual awards judged by

a leadership panel, has fostered a culture of appreciation

and boosted morale.

Inclusion was another priority. We refreshed our four-year

diversity, equity and inclusion (DEI) strategy, trained leaders

in inclusive hiring and established an inclusion forum. JE

sponsored Pride and other diversity events, contributing to

a more inclusive workplace and earning positive external

recognition. These efforts are helping to build momentum

around our inclusive culture and align with our values as a

responsible employer.

Community engagement and outreach

We launched a new employee value proposition, supported

by internal communications, an external careers site and

a multimedia apprentice campaign. These efforts have

unified our employer brand with strong engagement across

digital channels and local outreach.

The FY25 period has been marked by purposeful investment

in our people, underpinned by innovation and strategic

foresight. From expanding our early careers pipeline and

modernising HR systems, to launching wellbeing platforms

and exploring external partnerships, we have laid the

groundwork for a resilient, future-ready workforce.

These initiatives reflect our belief that growth is not merely

a function of financial performance but of organisational

enablement and vitality. By investing in our people, we are

investing in the long-term success of Jersey Electricity and

the community we serve.

NATIONALITIES

REPRESENTED

APPRENTICES

26/74%

FEMALE/MALE

GENDER DIVERSITY

YEARS

AVERAGE SERVICE

By investing in people, innovation and

future skills, we are building a resilient

workforce and strengthening our role as a

trusted employer in Jersey’s energy transition.

Jersey Electricity

Annual Report and Accounts 2025

Jersey Electricity

Financial statements

Governance

Strategy

Understanding our stakeholders

(continued)

IN FOCUS

Business Leadership Team

As part of delivering Jersey Electricity’s Company Business Plan (CBP),

we introduced a new governance and leadership structure in the

form of the Business Leadership Team (BLT). The initiative establishes

eight strategic workstreams: Tariffs, PPAs & Supply Contract,

Island Electrification, Strategic Planning & Performance, Business

Management Meeting, Culture, Business Transformation, Governance,

and Sustainability.

Each workstream is responsible for delivering

a key element of the CBP.

This approach was designed to create greater alignment,

accountability and empowerment by delegating ownership of

core strategic areas. The initiative encourages outcome-focused

delivery, deeper engagement into the organisation, cross-functional

collaboration and commercial thinking.

BLT members are stepping up to lead strategically significant work,

supported by the Executive Leadership Team (ELT), allowing the ELT

to focus more on strategy and longer-term planning. The workstreams

are also fostering a stronger culture of collaboration and leadership

development, helping SLT members become more promotable to

ELT roles in future.

Ultimately, this new structure is helping Jersey Electricity grow more

leaders, not just managers – tapping into the organisation’s latent

potential, strengthening collective purpose and ensuring that

every level of leadership contributes directly to delivering our

strategic outcomes.