Guernsey Electricity’s prices will increase from 1 July this year.
The company says the average household on a standard or economy tariff will now pay around £200 extra a year.
That’s just under £17 more per month.
The rise is part of an effort by the company to increase revenue by 13%.
It says it needs the money to fund “essential investment” in the island’s electricity infrastructure.
It also says it needs to offset the “escalating cost” of importing electricity that has increased due to the war in Ukraine.
Guernsey Electricity estimates that it had to spend £3.3m more than it had forecast in 2022 due to the conflict.
Before the price hike could be confirmed, it had to be approved by the States’ Trading Supervisory Board (STSB).
Its president, Deputy Peter Roffey, says the decision was “regrettable but unavoidable.”
was driven by the urgent requirement for investment, following years of under-funding, so
while the timing was unfortunate, any delay risked creating more issues in the future,” he added.
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