Guernsey Electricity blames regulator for losses

Ian Watson and Alan Bates Mr Watson (left) and Mr Bates both believe regulation needs to change

Related Stories

Guernsey Electricity has blamed its regulator for its seventh consecutive year of overall annual losses.

Figures released for 2009/10 show the company lost £19,000 last year after interest, tax and pensions were taken into consideration.

Ian Watson, the outgoing managing director, said the set rates were too low for the company to make a profit.

His replacement Alan Bates agreed and said he hoped for change in the island's regulatory regime.

Mr Bates, who takes up his post in August, said: "The current regulatory framework doesn't quite work and we're very optimistic that the regulatory review will put in place a proportionate and fair light-handed approach to regulation."

A review into the way the Office of Utility Regulation (OUR), the regulator of Guernsey's electricity, post and telephone markets, is being conducted by the UK's Regulatory Policy Institute and is expected to be completed by the end of October.

A spokesman for the OUR said: "A constructive and open relationship between regulated companies and the regulator and an acceptance of the role of regulation is vital if consumers are to benefit fully from the commercialisation process.

"It is a regret that this has not been achieved to the level needed in the past with Guernsey Electricity, but we look forward to working with Mr Bates in achieving this goal going forward."

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

BBC Guernsey

Weather

Guernsey Airport

15 °C 13 °C

Features

  • Peaky Blinders publicity shotBrum do

    Why is the Birmingham accent so difficult to mimic?


  • Oliver CromwellA brief history

    The 900 year story behind the creation of a UK parliament


  • Image of Ankor Wat using lidarJungle Atlantis

    How lasers have revealed an ancient city beneath the forest


  • TheatreBard taste? Watch

    Are trailer videos on social media spoiling theatre?


  • Agents with the US Secret Service, such as this one, are responsible for guarding the presidentHard at work

    White House break-in adds to Secret Service woes


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.