Jersey Electricity has announced a 7.5% tariff increase in the new year, putting an extra £2 a week on the average household bill of £1,400.
JE blames the increase on the wholesale energy market, adding that although it is showing signs of easing, it remains much higher than historic norms.
CEO Chris Ambler says the firm has 'worked hard to shelter customers' from the worst effects of the current economic climate.
Tariffs last rose on 1 January 2024, by 12.5%
That means that, before the end of this winter, islanders will be paying a fifth more for their power than they were last December.
Comparing its increase to other countries, Mr Ambler says prices here remain low.
"After 1 January 2025, UK electricity prices will remain 50% higher than JE’s standard domestic tariff.
"UK electricity prices increased 66% between July 2021 and July 2023.
"Comparable jurisdictions have also been responding to the international energy market, with Guernsey Electricity implementing a 10% increase from 1 July 2024."
- Jersey Electricity
Mr Ambler says the company is 'acutely' aware of the rising cost of living and the pressures on household budgets.
"While we understand increases in electricity prices are unwelcome, we have worked hard to shelter customers wherever possible, including continuing to challenge ourselves to drive further efficiencies.
"Turmoil in the international energy markets and the onset of Russia’s invasion of Ukraine have contributed to high and volatile wholesale energy prices across Europe and much of the world in recent years."
Jersey Electricity is encouraging any islanders struggling with their electricity bills to get in contact with its Customer Care team.
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