IoM Energy blames volatile global prices for upcoming gas tariff rise

Gas supplier hit by 'sharp and unexpected' rise in wholesale prices

The Island's gas supplier says volatility in global gas prices is behind an upcoming tariff increase.

From 1 July, regulated gas tariffs on the Isle of Man will increase by 5.3 percent following a review by the Communications and Utilities Regulatory Authority.

Isle of Man Energy's prices were reduced by 13.8 percent earlier this year, but it says it's been hit by a 'sharp and unexpected' rise in wholesale prices since then.

Following CURA's announcement, the company says it understands the increase may be difficult for some customers, but it remains committed to providing fair and equitable access to a gas supply for all Islanders.

It adds that even with the upcoming increase, prices in July 2025 will still be lower than they were at the same time last year.

Managing Director Aidan Baglow said: "While the challenges of a volatile energy market persist, we remain committed to providing reliable and sustainable energy solutions for the Isle of Man. Thank you for your understanding."