Gas tariffs to drop 16% in New Year

Isle of Man Energy has confirmed that gas prices in the Isle of Man are set to drop by 16% from January. 

The energy company have been working with the regulatory body CURA to approve a new gas tariff for January 2024. 

The regulatory framework implemented by CURA is based on objective observation of the current energy market and enables quick decision making.

The next tariff review is scheduled to take place in June 2024, with any update to the tariffs to be implemented in July 2024.

Gas bills

Earlier this week the Gas Regulation (Amendment) Bill 2023 passed through both the House of Keys and the Legislative Council in a single day, on December 19. 

The Bill makes a key change in law to enable the Council of Ministers to make an Order (a separate form of legislation) to specify certain circumstances where a public gas supplier may not disconnect premises for non-payment of bills.

Any Order is likely to put similar safeguards in place as found in the UK and elsewhere, around disconnections during winter.

Disconnections

The Council of Ministers promoted the short bill following considerable concerns that vulnerable or at-risk gas customers were being disconnected, or are at risk of being disconnected, during the winter months.

Minister for the Cabinet Office, Kate Lord-Brennan MHK say that supporting this change means that we can now work quickly on an Order, which will address gas disconnections in winter months.

This is particularly important for those domestic customers who, from a health and wellbeing perspective, having their source of heating cut off could pose a serious risk.”

Minister for the Cabinet Office, Kate Lord-Brennan MHK

The Bill will now be sent for Royal Assent, with the introduction of an Order expected early next year.