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It's not just Guernsey facing severe hikes in the cost of electricity, Jersey's bills are also set to rise by 12% next year.
An extra £3 per week will be added to the average annual domestic electricity bill from next year, as prices rise 12% caused by the "volatility" in the international market.
The hike will be the fifth announced by Jersey Electricity (JEC) since October 2020.
The local electricity company said that, rather than imposing the rise straight away, it had decided to freeze its tariffs until 1 January 2024 to allow islanders time to prepare for higher bills over winter.
The hike – which follows multiple rises implemented over the last 12 months – will add more than £150 to the average annual domestic electricity bill of approximately £1,200, or an extra £12 per month.
A similar price rise was recently announced in Guernsey, with Guernsey Electricity's tariffs to rise by 13% on 1 July 2023 after approval was granted by the island's States.
Chief Executive of Jersey Electricity, Chris Ambler said: "We are acutely aware of the cost-of-living pressures on islanders and the rising costs of everyday essential items.
"By holding current tariffs unchanged until the end of the year and by announcing this tariff rise early, we hope to give our customers some comfort and an ability to plan by providing more visibility of what their electricity bills will look like next winter."
He continued: "Although Jersey Electricity has a strong contract with a favourable hedge position that has sheltered islanders greatly from the recent turmoil in European energy markets over the last 18 months, we are not fully hedged nor completely immune to this volatility.
"Despite seeing an easing of European wholesale energy markets in recent months, they remain extremely highly priced compared to our current importation costs. Furthermore, whilst attractive hedges have been placed that give stability, they are on a rising cost trajectory.
"As a consequence of these factors and general inflationary pressures, we unfortunately need to raise our tariffs."
States approve Guernsey Electricity rate increase of 13%
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