Manx Utilities' millions of debt outlined

Ashford asks for figures

The money Manx Utilities owes over the next 20 years has been outlined in a Tynwald question for written answer.

It was asked by North Douglas MHK David Ashford.

He wanted to know how much was owed by the electricity section and the water section.

For the electricity section a £185 million bond is due for repayment by August 2034, but the interest due to be paid in that period (at an annual rate of just under 5.4%) almost doubles the figure (£179 million).

For the water section, £75 million is due for repayment by March 2030, with almost £55 million in interest due as well.

The Consolidated Loans Fund, effectively a mortgage used for capital projects, stands at a combined £271 million for electricity and water.

Thirty-two million pounds, plus about £4.6 million in interest, needs to be repaid by 2023, which is lease finance for the gas pipeline which serves the Isle of Man.

There are also three annual payments of £40,000 remaining on an Economic Development Fund loan, and loan balances due to local authorities of £2.9 million, for sewerage schemes taken over previously.