Domestic gas bills to fall by 13.8% after review

The price drop will be introduced from 1 January 2025

Gas prices are set to drop by 13.8% from 1 January after a review by the sector's regulator.

Isle of Man Energy's domestic customers will see bills cut by £156 each year on average, with tariffs being reduced from 11.33p to 9.76p per unit.

It follows the twice-yearly review of the charges by the Communications and Utilities Regulatory Authority (Cura).

The energy provider said the third tariff reduction of 2025 followed "changes in commodity prices on the global energy market".

Managing director Aidan Baglow said the move was "great news for our customers, particularly in the middle of the winter heating period".

Cura was set up as a regulator in 2020 with a remit of reviewing the tariffs and profits of the energy provider.

Isle of Man Energy is bound by regulations to keep its overall returns within the parameters set by the watchdog to stop it making excessive profits.

In a statement, the authority said its review took into account the commodity price and demand assumptions made by island's monopoly energy firm.

The next scheduled assessment will be in June 2025, with any changes set to be introduced to customers the following month.