July electricity tariff increases to be reduced

MUA makes adjustment after fall in wholesale energy costs

Electricity tariffs on Island won't be going up as much as previously planned on 1 July.

Manx Utilities has announced prices will now rise by two pence per unit from that date instead of six pence per unit due to the fall in wholesale energy prices.

It means that customers using 2,900kWh per year will see their annual cost rise from £942 to £1,003 from July this year.

MUA Chair, Tim Crookall, says he's 'extremely conscious' of the effect high tariffs have on residents and businesses, adding they will continue to monitor wholesale energy prices and 'react accordingly should changes be required'.

Meanwhile, Mr Crookall states the authority is still predicting an approximate £50million loss for the previous financial year.