Isle of Man gas tariffs to fall by 16% after regulator's review

The price drop will come into force from 1 January

Gas customer's bills are set to fall by 16% from 1 January, the Isle of Man's monopoly provider has confirmed.

Isle of Man Energy's tariffs are expected to drop following a twice-yearly review by the Communications and Utilities Regulatory Authority (CURA).

The regulator said it was "satisfied" assumptions made by the firm using the most recently available information were "reasonable".

The energy firm's domestic tariffs are currently set at 13.98p per unit.

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

Tariffs are set based on factors including the estimated wholesale commodity costs and customer gas consumption.

The authority said it "sees no reason to intervene at this point" but tariffs would continue to be monitored.

The next scheduled review will be in June 2024 and any changes would be introduced to customers the following month.

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

The move comes in the same week the House of Keys passed legislation which would stop gas customers being cut off in certain circumstances.

It followed concerns raised by politicians about a spate of disconnections for non-payment in the winter months.

Isle of Man Energy had previously confirmed that a pause had been put on disconnecting those struggling to pay their bills last month.

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