Gas prices unlikely to rise, regulator says

Concerns were raised on the island about a potential rise

Gas customers on the Isle of Man are not likely to see price rises this summer, the regulator has said.

The Communications and Utilities Regulatory Authority will be carrying out its mid-term review for 2024 next month.

In a statement the authority said that "based on the current information to hand", it was unlikely there would be a rise in the tariff, which is currently set at 11.65p per kWh.

The regulator carries out at least two reviews each year on the tariffs paid by domestic gas customers to the sole supplier Isle of Man Energy.

'Impossible'

The authority said it issued the update after concerns were raised on the island about a potential rise due to an increase in the number of people on payment plans.

However, it said that while it was "impossible to say with certainty what will happen in a month's time", if a review was carried out immediately there would be a "slight reduction" in the tariff.

"The regulatory framework in place for the Island’s gas market already compensates the company for the risks within the retail gas market," it said.

"There is an allowance for bad debt included in the cost model used to assess the tariffs and, more importantly, there is a permitted retail margin in place."

The authority said that it has seen "no evidence" the measures were inadequate and it had no plans to review them.