GE's tidal power investment makes loss of £136,000

GUERNSEY Electricity lost £136,000 of customers' money on its investment in a tidal energy company, it has finally been revealed.

The figure was not released when Guernsey Electricity struck a deal with technology giant Siemens earlier this year.

But GE's annual report has now disclosed the loss.

GE paid £250,000 in 2004 for a minority stake in MCT. Siemens bought the shares for £2.05 each – £114,000 in total.

Managing director Alan Bates, pictured, said that while the sale represented a monetary loss of £136,000, the company's investment in MCT, developers of the SeaGen tidal turbine, had been worthwhile.'