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GEL also agreed a fixed price for the electricity it buys from France with EDF, France's government-owned power company.

GEL said it had bought wholesale electricity at a fixed price since 2017, which shielded islanders from "the significant price rises seen in the UK" and had saved customers "more than £70m".

Under the legal settlement, the Water Authority will now pay a fixed price to MWD for delivering these supplies, starting at $671 per acre-foot in 2026, with annual adjustments for inflation.

It does that by agreeing a fixed price - or strike price - that they will be paid for each unit of electricity generated for 15 years into the future.

If the wholesale price is below this fixed price, the renewable generator gets paid a top up by a government-owned company.