Manx gas bills could fall after regulator's review

The average annual household gas bill on the Isle of Man is £677

Gas bills on the Isle of Man could fall after a dip in prices triggered a review by the island's energy regulator.

The Communications and Utilities Regulatory Authority said it would see if the downward trend was "sustained" before any changes to tariffs.

Isle of Man Energy, formerly known as Manx Gas, last hiked bills by 43.9% in September when wholesale costs soared.

The authority said prices had fallen significantly since then.

Under the regulator's rules, a review of Isle of Man Energy's tariffs can be carried out when changes in the market could see the fixed amount recalculated by more than 10%.

Future tariffs

The authority said though markets "remain volatile", there are signs that wholesale prices are "likely to remain lower for a sustained period of time".

A balance has to be struck between tariff stability and limiting Isle of Man Energy from making more profit than its regulatory agreement allows, the authority said.

Future tariffs could be adjusted to account for any extra profits gained, the regulator added, with the outcome of the review published "as soon as possible".

It comes after Isle of Man Energy's head Jo Cox apologised to customers after errors in the monopoly provider's billing system saw invoices give incorrect figures or not showing standing order payments.

She blamed the issue on upgrades to the system and said "urgent steps" were being taken to rectify the problems.