The accounts of Alderney Electricity Limited are being laid before the island’s States at its meeting next week.
They show that the company recorded a net profit after tax of £84,298 for the year, down from £177,493 in 2024.
Overall turnover fell slightly from £6.13m. to £5.99m., primarily due to a fall in sales of fuel and oil, which was down from £3.11m. to £2.99m., and lower electricity sales at £2.86m. compared to £2.94m. in 2024. Its operating loss on its core electricity business was £5,251, down from a £94,885 profit the previous year.
The company, which is reliant on imported diesel to generate power, increased tariffs by nearly 10% in April in response to rising global fuel prices.
The States of Alderney is still hopeful of the potential of generating renewable electricity and exporting it but the company has reviewed its strategy to look to deliver 30% renewable generation by 2027.
In July the States announced it would support islanders with a £200,000 ‘temporary fuel cost relief subsidy’, which it was paying directly to the company if the price of Brent crude oil exceeded $100 a barrel when AEL was buying it.
The company drastically cut back its road reinstatement liability reserve with Ronez by 90% to just £44,000.
And it still owes the States of Alderney £1.2m. in respect of an interest-free loan for capital expenditure. Talks on how this might be repaid have been deferred over the past few years. The company also has £470,000 of outstanding bank debt with NatWest. The company also had a change in senior management during 2025, with James Lancaster retiring and being replaced by Chris MacGregor.
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