Jersey Electricity — Delivering resilience through strategic investment

Jersey Electricity (JEL) reached key milestones in FY25 on three major initiatives central to its long-term strategy of investing in resilience. The company’s £120m capex programme (the ‘Big Upgrade’) aimed at modernising and reinforcing Jersey’s electricity network remains on schedule, replacing ageing assets, increasing capacity and preparing the grid for an all-electric future. The £30m La Collette Resilience Programme continued to enhance on-island backup generation, improving the resilience of Jersey’s energy supply, and the commissioning of the Moulin à Vent solar farm in spring 2025 marked the island’s first utility-scale renewable generation project. JEL beat our FY25 expectations and looks well hedged against price exposures for FY26 and FY27, with material hedge coverage in place for both years.