2000 - 20012000- 2001
At the start of the new century Guernsey Electricity was looking forward to completing the cable link project with Jersey and France and becoming a commercial company. The first of these landmarks was achieved during November 2000 when the company took its first units of electricity from the European Grid.
A large office and commercial development at Admirals Park on the east coast of Guernsey during 2001 meant that a new primary substation was constructed adjacent to the Checkers building. This forms the centre of the distribution network for this area. Several kilometres of cable were laid for this major development. In September 2001 alone, a total of 1740 metres of high voltage cable was installed.
The year 2002 was a landmark year for Guernsey Electricity. On the 1st February 2002 we became a commercialised States Trading Company operating under the Electricity (Guernsey) Law 2001. The commercialisation model sets a framework under which the States of Guernsey approves the laws, regulations and guidelines under which we operate, and the Advisory and Finance Committee have the role of shareholder. Also as part of this change process the Company is subject to the regulation of core business by the Office of Utility Regulation (OUR). The first Chairman of the newly commercialised company is Mr Ken Gregson.
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| Ken Gregson - Chairman |
We also launched our
service standards initiative at the time of commercialisation.
These standards challenge the company to achieve or exceed
planned levels of service. The standards cover the maintenance
of electricity supplies and issues
surrounding the metering and billing of electricity.
After the successful changeover in status on 1st February 2002, we have continued to introduce changes throughout the year. Our overriding objective has been to continue to provide the island community with a reliable electricity supply at the most economic cost, consistent with meeting future demand, whilst also providing a financial return to the community on the investment which it has made in the assets which are employed in the company’s operations.
A key feature in achieving our goals is the adoption of sound commercial practice in all areas of our business. We also seek to establish a culture of corporate governance of the highest standard. Upon changeover, the Board introduced two committees, Audit& Risk and Remuneration & Nominations; each of which are composed entirely of non-executive board members. These two bodies have undertaken much valuable work during the year.