olivlawolivlaw

olivLaw · European equity research

Jersey Electricity plc JEL.L

United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom

4.36GBP−1.13% · 1 dayClose 05 Nov 2026

Jersey Electricity plc is the sole electricity supplier on the island of Jersey, also active in distribution, retail and building services, with energy as the main driver of revenue. For fiscal 2025 the company reported external revenue of 146.2 million GBP, and the period matters because the island's power system depends largely on electricity imported from France.

At the close of 05 Nov 2026, Jersey Electricity plc (JEL.L) stock was 4.36 GBP (−1.13% on the day), with market capitalisation 133.6 m GBP, P/E 12.1 on diluted EPS of 0.36 GBP over the last 12 months, dividend yield 4.78%, beta 0.06, 52-week range 4.25–4.80 GBP.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
133.6 m GBP
shares as of 30 Sept 2025
P/E (TTM)
12.1
Diluted EPS TTM 0.36 · TTM to 30 Sept 2025
E/P (TTM)
8.23%
TTM to 30 Sept 2025
Dividend yield
4.78%
DPS 12m 0.21
Beta (2y)
0.06
Volatility (1y) 21%
52-week range
4.254.80

Price history

Loading chart…

Technical reading

RSI (14)
43.8
weak (30–45)
Bollinger (20, 2)
4.32 – 4.49
in the lower half of the band · %B 0.24 · band width 3.9%
SMA 50 / 200
4.43 / 4.51
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.01 / -0.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−0.9%−0.6%−0.3 pp—
3 months−0.9%−4.2%+3.3 pp—
6 months−3.1%+4.3%−7.4 pp—
Year to date−6.2%+7.5%−13.7 pp—
1 year−8.2%+9.9%−18.1 pp+5.8%
3 years+2.6%+49.8%−47.3 pp+26.3%
5 yearsunavailable+42.8%unavailable—
Max drawdown (1y)
−11.5%
17 Feb 2026 → 30 Mar 2026
Max drawdown (5y)
−35.5%
04 Jan 2022 → 02 Apr 2024
Compound annual growth (5y)
unavailable
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 3-quarter history (min 0.0, median 11.3, max 13.1; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue125.1 m135.7 m146.2 m
Revenue YoYunavailable+8.5%+7.7%
Net income11.3 m11.6 m11.0 m
Net income YoYunavailable+3.0%−5.3%
Diluted EPS36,810.000.380.36
Diluted EPS YoYunavailable−100.0%−5.3%
net %9.0%8.6%7.5%
Free cash flow4.6 m6.4 m-5.0 m

Balance sheet & financial health

Fiscal year 2025 · 30 Sept 2025

Cash
38.7 m GBP
Financial debt
30.0 m GBP
Net debt
-8.7 m GBP
Equity
254.1 m GBP
Total assets
375.3 m GBP
Debt / equity
0.12x
Current ratio
2.78x
ROE
4.4%
ROA
3.0%
FCF margin
-3.4%

Financial statements (source on every figure)

Revenue and net income (GBP)

Margins

Income statement · GBP

Revenue
2023
125.1 m
2024
135.7 m
2025
146.2 m

esef· 27 Jan 2026verified

Cost of revenue
2023
80.9 m
2024
83.2 m
2025
92.7 m

esef· 27 Jan 2026verified

Gross profit
2023
47.7 m
2024
52.6 m
2025
53.5 m

esef· 27 Jan 2026verified

Operating income
2023
14.5 m
2024
14.4 m
2025
13.9 m

esef· 27 Jan 2026verified

Depreciation & amortisation
2023
11.6 m
2024
14.2 m
2025
—

esef· 04 Feb 2025verified

EBITDA
2023
26.1 m ≈
2024
28.6 m ≈
2025
—

esef· 04 Feb 2025derived

Interest expense
2023
1.5 m
2024
1.5 m
2025
1.6 m

esef· 27 Jan 2026verified

Pre-tax income
2023
14.9 m
2024
15.1 m
2025
14.2 m

esef· 27 Jan 2026verified

Income tax
2023
3.4 m
2024
3.4 m
2025
3.1 m

esef· 27 Jan 2026verified

Net income
2023
11.3 m
2024
11.6 m
2025
11.0 m

esef· 27 Jan 2026verified

Diluted EPS
2023
36,810.00
2024
0.38
2025
0.36

esef· 27 Jan 2026verified

Dividend per share
2023
18,823.53
2024
0.20
2025
0.21

esef· 27 Jan 2026verified

Balance sheet · GBP

Cash
2023
47.4 m
2024
49.2 m
2025
38.7 m

esef· 27 Jan 2026verified

Receivables
2023
26.0 m
2024
24.9 m
2025
25.2 m

esef· 27 Jan 2026verified

Inventories
2023
9.2 m
2024
8.4 m
2025
7.9 m

esef· 27 Jan 2026verified

Current assets
2023
82.6 m
2024
82.5 m
2025
72.3 m

esef· 27 Jan 2026verified

Property, plant & equipment, net
2023
216.1 m
2024
225.5 m
2025
243.4 m

esef· 27 Jan 2026verified

Intangibles (excl. goodwill)
2023
681.0 k
2024
364.0 k
2025
227.0 k

esef· 27 Jan 2026verified

Total assets
2023
356.2 m
2024
368.0 m
2025
375.3 m

esef· 27 Jan 2026verified

Accounts payable
2023
19.5 m
2024
23.0 m
2025
22.2 m

esef· 27 Jan 2026verified

Long-term debt
2023
—
2024
30.0 m
2025
30.0 m

esef· 27 Jan 2026verified

Current liabilities
2023
23.4 m
2024
29.3 m
2025
26.0 m

esef· 27 Jan 2026verified

Total liabilities
2023
114.7 m
2024
123.1 m
2025
121.1 m

esef· 27 Jan 2026verified

Equity
2023
241.5 m
2024
245.0 m
2025
254.1 m

esef· 27 Jan 2026verified

Shares outstanding at year end
2023
306
2024
30.6 m
2025
30.6 m

esef· 27 Jan 2026derived

Cash flow · GBP

Operating cash flow
2023
17.6 m
2024
24.4 m
2025
25.3 m

esef· 27 Jan 2026verified

Capex
2023
13.0 m
2024
18.0 m
2025
30.3 m

esef· 27 Jan 2026verified

Free cash flow
2023
4.6 m ≈
2024
6.4 m ≈
2025
-5.0 m ≈

esef· 27 Jan 2026derived

Investing cash flow
2023
-11.4 m
2024
-16.0 m
2025
-28.8 m

esef· 27 Jan 2026verified

Financing cash flow
2023
-6.2 m
2024
-6.7 m
2025
-7.0 m

esef· 27 Jan 2026verified

Dividends paid
2023
5.8 m
2024
6.1 m
2025
—

esef· 04 Feb 2025verified

Computed indicators

Growth

Revenue growth (YoY)
7.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-3.4%
computed by olivLawFY 2025
Net income growth (YoY)
-5.3%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-5.3%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-178.4%
computed by olivLawFY 2025

Profitability

Gross margin
36.6%
computed by olivLawFY 2025
EBITDA margin
19.2%
computed by olivLawFY 2025
EBIT margin
9.5%
computed by olivLawFY 2025
Net margin
7.5%
computed by olivLawFY 2025
FCF margin
-3.4%
computed by olivLawFY 2025

Returns

ROE
4.4%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROA
3.0%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROIC
4.6%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROCE
4.0%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Payout ratio (EPS)
58.0%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
-8.7 m GBP
computed by olivLawbalance sheet at 30 Sept 2025
Net debt / EBITDA
-0.3x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Debt / equity
0.1x
computed by olivLawbalance sheet at 30 Sept 2025
Interest coverage
8.8x
computed by olivLawFY 2025

Liquidity

Current ratio
2.8x
computed by olivLawbalance sheet at 30 Sept 2025
Quick ratio
2.5x
computed by olivLawbalance sheet at 30 Sept 2025
Cash ratio
1.5x
computed by olivLawbalance sheet at 30 Sept 2025

Cash

Operating cash flow
25.3 m GBP
computed by olivLawFY 2025
Capital expenditure
30.3 m GBP
computed by olivLawFY 2025
Free cash flow
-5.0 m GBP
computed by olivLawFY 2025
FCF conversion
-45.3%
computed by olivLawFY 2025
Cash conversion
90.2%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
63 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days inventory outstanding
32 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days payables outstanding
89 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Cash conversion cycle
6 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025

Market and valuation

Market capitalisation
133.6 m GBP
computed by olivLawbalance sheet at 30 Sept 2025
Enterprise value
124.9 m GBP
computed by olivLawbalance sheet at 30 Sept 2025
Market cap / net income TTM
12.1x
computed by olivLawFY 2025
P/E (TTM)
12.1x
computed by olivLawFY 2025
Earnings yield
8.2%
computed by olivLawFY 2025
P/B
0.5x
computed by olivLawbalance sheet at 30 Sept 2025
P/S
0.9x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/EBITDA
4.5x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/EBIT
9.0x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/Sales
0.9x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-3.7%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Dividend yield
4.8%
computed by olivLawFY 2025
Shareholder yield (distributions)
4.5%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 60 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.36 GBP

05 Nov 2026Source: olivLaw, closing series

Market cap: 133.6 m GBP

Key indicators

Market capitalisation
133.6 m GBP
computed by olivLawbalance sheet at 30 Sept 2025
P/E (TTM)
12.1x
computed by olivLawFY 2025
P/B
0.5x
computed by olivLawbalance sheet at 30 Sept 2025
EV/EBITDA
4.5x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROE
4.4%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Net margin
7.5%
computed by olivLawFY 2025
Revenue growth (YoY)
7.7%
computed by olivLawFY 2025
Dividend yield
4.8%
computed by olivLawFY 2025

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2025
Latest balance sheet date: 30 Sept 2025
Share count (cover of the latest filing), as of: 30 Sept 2025
Source: esefpublished 27 Jan 2026
verified 90derived 4

The data is older than the freshness threshold.

Score by group

  • Quality23
  • Returns65
  • Balance sheet100
  • Valuation60

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Neutral profile · Score 60/100

    FactorValueScoreWeight used
    ROIC · Quality4.6%25 (vs peers)13%
    Net margin · Quality7.5%43 (vs peers)8%
    FCF conversion · Quality-45.3%0 (on a fixed band)8%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheet-0.3x100 (on a fixed band)13%
    Interest coverage · Balance sheet8.8x100 (on a fixed band)8%
    Current ratio · Balance sheet2.8x100 (on a fixed band)5%
    P/E (TTM) · Valuation12.1x72 (vs peers)13%
    EV/EBITDA · Valuation4.5x96 (on a fixed band)13%
    FCF yield · Valuation-3.7%0 (on a fixed band)11%
    Shareholder yield (distributions) · Returns4.5%65 (on a fixed band)8%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet100/100 · 3/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality23/100 · 3/3 factors with a value
    • Returns· partial65/100 · 1/2 factors with a value
    • Valuation60/100 · 3/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    JERSEY ELECTRICITY PLC (JEL.L). Latest full fiscal year: 2025; data up to 2025-09-30.

    Figures computed from the financial statements: revenue 146.2 m GBP in 2025; YoY growth 7.7%; net margin 7.5%; ROE 4.4%; net debt/EBITDA -0.3x.

    The estimated value range is 3.05–4.39 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.72 GBP, the price of 4.36 GBP leaves a potential of -14.7% (value / price − 1) and a margin of safety of -17.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net debt / EBITDA: -0.3x
    • Interest coverage: 8.8x
    • Current ratio: 2.8x
    • P/E (TTM): 12.1x
    • EV/EBITDA: 4.5x

    What contradicts it

    • ROIC: 4.6%
    • FCF conversion: -45.3%
    • FCF yield: -3.7%
    • The valuation methods diverge

    Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Payout ratio (FCF).

    Versus the vertical median

    Listed companies from United Kingdom · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    12.1x
    vertical median 15.3x
    below median (−20.8%)
    EV/EBITDA
    4.5x
    vertical median —
    P/S
    0.9x
    vertical median 1.5x
    below median (−40.5%)
    P/B
    0.5x
    vertical median 2.2x
    below median (−75.7%)
    ROE
    4.4%
    vertical median 14.4%
    below median (−69.3%)
    Net margin
    7.5%
    vertical median 10.8%
    below median (−30.1%)
    EBIT margin
    9.5%
    vertical median 22.9%
    below median (−58.6%)
    Revenue YoY
    7.7%
    vertical median 7.9%
    at median
    Net debt/EBITDA
    -0.3x
    vertical median —
    Dividend yield
    4.8%
    vertical median 2.9%
    above median (+67.1%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BATS.LBritish American Tobacco P.L.C.104.3 bn13.516.5%30.3%−1.0%+7% / +88%
    ABF.LAssociated British Foods PLC14.7 bn14.39.2%5.3%−3.1%−5% / −15%
    0EV1.LCarnival PLC5.5 bn4.146.7%13.4%+6.4%unavailable / unavailable
    BAB.LBabcock International Group PLC5.1 bn24.734.7%4.1%+7.2%−10% / +158%
    AUTO.LAutotrader Group PLC4.8 bn16.460.2%47.1%+3.9%−13% / −23%
    BBY.LBalfour Beatty PLC4.2 bn16.323.2%2.8%+15.2%+20% / +160%
    ABDN.LAberdeen Group PLC4.1 bn10.88.0%28.9%−2.1%+11% / +41%
    BKG.LThe Berkeley Group Holdings PLC3.6 bn11.38.8%13.4%−4.2%−0% / −22%
    BME.LB&M European Value Retail PLC2.9 bn17.421.2%2.8%+3.7%+68% / −51%
    AJB.LAj Bell PLC2.4 bn22.849.9%33.1%+18.0%+8% / +128%
    ASHM.LAshmore Group PLC1.4 bn13.913.1%71.6%−0.1%+28% / +18%
    BCG.LBaltic Classifieds Group PLC1.2 bn23.215.8%57.6%+6.9%−99% / −99%
    APN.LApplied Nutrition PLC763.6 m36.241.2%19.7%+24.2%+71% / unavailable
    BAG.LA.G. Barr P.L.C.671.9 m14.414.4%10.8%+4.0%−7% / +26%
    ASC.LAsos PLC494.5 m—-81.3%-12.0%−14.7%+71% / +8%
    ALFA.LAlfa Financial Software Holdings PLC486.8 m16.361.5%23.8%+15.3%−28% / +10%
    AML.LAston Martin Lagonda Global Holdings PLC344.3 m—-93.4%-39.2%−20.6%−45% / −85%
    JEL.LJersey Electricity PLC133.6 m12.14.4%7.5%+7.7%−7% / +1%
    APTD.LAptitude Software Group PLC111.3 m28.57.2%6.2%−7.3%−30% / −23%
    AMGO.LAmigo Holdings PLC9.9 m———−81.9%+325% / +844%
    ASBE.LAssociated British Engineering PLC605.3 k—-19.1%—unavailableunavailable / unavailable
    AMIF.LAmicorp Fs (uk) PLC221.6 k0.127.5%9.1%+8.1%unavailable / unavailable
    AAF.LAirtel Africa PLC——24.1%10.6%+29.5%−7% / +164%
    AAL.LAnglo American PLC——-19.3%-20.2%+4.5%+30% / +76%
    ACG.LAcg Metals Limited——-80.3%-32.0%+134.8%+60% / +63%

    1- and 3-year price returns: for JEL.L from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (GBP)

    Estimated priceBearBaseBull
    1 years
    2.66
    Total return -35% · Per year -35%
    4.70
    Total return 13% · Per year 13%
    7.06
    Total return 68% · Per year 68%
    3 years
    2.75
    Total return -25% · Per year -9%
    5.45
    Total return 42% · Per year 12%
    8.97
    Total return 127% · Per year 31%
    5 years
    2.84
    Total return -15% · Per year -3%
    6.32
    Total return 75% · Per year 12%
    11.40
    Total return 201% · Per year 25%
    What moves the 3-year price the most
    • Exit P/E± 1.36
    • Net margin± 0.95
    • Annual revenue growth± 0.76
    • Annual dilution± 0.08

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Jersey Electricity plc is the sole electricity supplier on the island of Jersey, also active in distribution, retail and building services, with energy as the main driver of revenue. For fiscal 2025 the company reported external revenue of 146.2 million GBP 1, and the period matters because the island's power system depends largely on electricity imported from France.

    SWOT

    Strengths

    • A monopoly position in the local electricity market, with the Energy segment as the main source of profit and revenue.
    • Infrastructure assets, including the power station and subsea cables, are hard for competitors to replicate.
    • Consistent profitability and a stable dividend practice, supported by predictable energy cash flows.

    Weaknesses

    • Dependence on electricity imported from France exposes the company to prices and cable risk.
    • The Retail and Building Services segments have very low operating margins.
    • The limited island market restricts organic revenue growth.

    Opportunities

    • Infrastructure investment, including replacement of the N2 cable, could improve network reliability and efficiency.
    • Developing new services through the Jersey Deep Freeze subsidiary and Jendev activities could diversify revenue.
    • Energy and efficiency projects for buildings could increase demand for the company's services.

    Threats

    • Rising import costs from France could reduce margins if tariffs do not adjust sufficiently.
    • The risk of asset decommissioning could create unforeseen costs in the future.
    • Regulatory or tax changes in Jersey could affect financial results.

    Risks

    • Dependence on subsea cableshigh

      An interruption of the cables to France or Guernsey could affect the island's supply and the results of the Energy segment 1.

    • Currency exposure on importsmedium

      Electricity purchases from France are partly hedged with derivatives, but residual currency exposure remains 1.

    • Pension obligationsmedium

      Changes in the discount rate or in past service costs could alter pension obligations and expenses 1.

    • Decommissioning costslow

      The company does not recognise a decommissioning obligation, but the risk of future costs for the power station and cables exists 1.

    • Asset impairmentmedium

      The company recorded impairments in the past, and assets such as the N2 cable are planned for replacement, which could lead to further impairments 1.

    Investment thesis

    What would need to be true (bull case)

    • The monopoly position and profitability of the Energy segment could support predictable cash flows for dividends and investment.
    • The infrastructure investment programme could improve network reliability and the long-term asset base.
    • If tariffs adjust to import costs, energy margins could remain stable.

    What would break the thesis

    • Dependence on cables from France and on import prices could reduce profitability if costs rise faster than tariffs.
    • The Retail and Building Services segments have very thin margins, which may not justify expansion.
    • The limited island market could restrict organic revenue growth over the long term.

    What to watch

    • Results of the Energy segment and the cost of imports from Francenext annual report
    • Progress of capital investments, including replacement of the N2 cable2026
    • Application of IFRS 18 from 1 January 2027 and its effect on financial statement presentation2027
    • Changes in pension obligations and the discount ratenext annual report

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Jersey Electricity plc supplies electricity in the Island of Jersey, in the Channel Islands, and carries out related activities in five reported segments: Energy, Building Services, Retail, Property and Other. The company and its operations are concentrated almost entirely in the Channel Islands 1. At 30 September 2025 it had 385 full time equivalent employees 1. Its core activity remains electricity generation and distribution, supported by import contracts from France via subsea cables.

    Energy is the largest segment, with external revenue of 118.4 million GBP in fiscal 2025 and operating profit of 12.7 million GBP 1. The segment includes the La Collette power station, on leasehold land, and the subsea cables to France and Guernsey 1. These assets are vital for supplying the island and importing energy.

    The company recognises no decommissioning obligation for its major assets, but a risk of future costs exists, particularly for cables and the power station 1. It is taxed only in Jersey, at a rate of 20% 1. Profit attributable to owners was 11.0 million GBP in fiscal 2025 1.

    Segments

    Energy

    The Energy segment generated external revenue of 118.4 million GBP in fiscal 2025 and operating profit of 12.7 million GBP 1. It is the main source of revenue and profit for the company, with 282 employees at 30 September 2025 1.

    Retail

    The Retail segment had external revenue of 18.1 million GBP in fiscal 2025 but a low operating profit of 0.26 million GBP 1. Profit fell compared with the prior year, which shows the thin margin of this activity 1.

    Building Services

    The Building Services segment had modest external revenue and nil operating profit in fiscal 2025 1. This service activity completes the portfolio but does not contribute significantly to results 1.

    Market context

    The Jersey energy market is small and isolated, supplied largely through subsea cables from France, so the cost of imports matters greatly for the company's costs. It hedges part of its future electricity purchases from France with currency derivatives over the next three calendar years 1. The business is regulated and limited almost entirely to the Channel Islands 1.

    The market is dominated by a single integrated operator, and demand depends on the island's population and economy. The company acknowledges that the size of the local market limits organic growth opportunities 1.

    Trends

    • Cost of imported energy from Francemixed

      The company buys energy from France, and exchange rate and price movements can affect costs; currency derivatives partly reduce exposure over three years 1. The effect could be neutral if tariffs reflect costs, or negative if costs rise faster than revenues.

    • Infrastructure investmenttailwind

      The company increased assets under construction, which points to a capital investment programme including replacement of the N2 cable 1. If investments are completed on time, they could support network reliability and grow the asset base.

    • Pension costsheadwind

      Pension obligations are discounted at a rate of 5.9% and included a past service cost of 3.0 million GBP in fiscal 2025 1. Changes in the discount rate could alter future obligations and expenses.

    • Dividend policymixed

      The proposed final dividend for fiscal 2025 is 12.6 pence per share, subject to approval at the annual general meeting 1. A stable dividend depends on continued profitability and capital expenditure.

    Competitive position

    Jersey Electricity operates in an island market with a single integrated electricity operator, so direct competition is limited. Competitive pressure comes more from energy alternatives and from other providers of building and retail services.

    The analysed sources do not identify directly listed competitors. Comparison with other regional utilities remains limited by the size and specific structure of the Jersey market.

    • Other building services and retail providers in Jersey

      Local companies competing in the Retail and Building Services segments, where the company's market share is smaller.

    • French electricity supplier

      Source of electricity imports through the subsea cables; the relationship is supply rather than direct competition.

    • Other island utilities in the Channel Islands

      Operators with similar structure and regulation, but no direct link to the Jersey market.

    • Regional energy suppliers in the United Kingdom

      Indirect comparables through sterling reporting and the regulated utility model; there is no direct competition in the Jersey market.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Jersey Electricity plc · 30 Sept 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Jersey Electricity plc (JEL.L): stock, results, valuation and forecast · olivLaw