Following an announcement by the island’s Electricity Price Commissioner, Sark Electricity Ltd managing director Alan Witney-Price confirmed that from 1 August the price will fall from 53p per unit to 44p.
He said this was almost 10p per unit cheaper than in Alderney.
The drop was in line with a price control mechanism agreed between SEL and the commissioner at the end of last year, which came into effect on 1 April.
‘This mechanism compares actual fuel prices and demand to what was forecast in the price control,’ said price commissioner Shane Lynch in his announcement.
It followed a fall of 11% in average fuel prices and an increase in average demand of 4%.
The monthly connection fee will remain capped at £10 per meter and the monthly standby charge for own generators will be capped at £5/KW of installed capacity.
Mr Witney-Price said that ‘constructive engagement’ between SEL and Mr Lynch had enabled the company to focus on operational rather than legal needs.
‘This is paying huge dividends for our local customers,’ he said.
‘I am delighted to now be in a position to start delivering on my original vision for the company that I laid out when I purchased the business back in 2020.’
This was the lowest price per unit in decades and he said the company was aiming to go even lower.
‘I continue to aim for a price of circa 37p per unit and I remain confident that this, and possibly more, is achievable.’
He also hoped that the door would be open to allow for investment that SEL had had to put on hold ‘for too many years due to painful legal wranglings’.