Mid-year review of Isle of Man gas bills by regulator begins

Energy regulators will assess the cost of gas on the Isle of Man

A mid-year review into gas tariffs that could see changes to prices on the Isle of Man has begun, a regulator has said.

The Communications and Utilities Regulatory Authority (CURA) has started the first of two annual assessments of Isle of Man Energy's tariffs.

The monopoly gas supplier's bills currently sit at 13.98p per unit after CURA enforced a 16% reduction in March.

CURA said although global costs had fallen, the review would factor in the cost of buying gas in advance.

It will reflect that fuel bought by Isle of Man Energy to ensure future supply to the island was not purchased at current market rates, CURA added.

Routine review

The company is bound by energy regulations to keep its overall returns within the parameters set by CURA to stop the it making excessive profits.

The regulator carries out two routine reviews of the firm's prices a year, as well as when market costs fluctuate by more than 10% in either direction.

CURA, which has slashed tariffs in the last year following significant hikes in gas bills, said it had "consistently advocated for tariff stability".

Staff were working to complete the review "as quickly as possible", the regulator added.