Manx Utilities records £30 million loss during 2021-22

Forward-buying gas saved £24 million, says authority

Manx Utilities has recorded a £30 million loss over the course of 2021-2022.

The authority has published its annual report.

In his statement, former Chairman Tim Johnston acknowledges 'extraordinary wholesale energy prices in Europe' during this time, spurred on by the war in Ukraine.

He says the company has sought to limit the impact of those cost increases on customers as much as possible - focussing on 'cash management and cost control'.

Had it not forward-purchased natural gas when it did, the MU says it would have paid an additional £24 million, over that time, due to wholesale prices

People on the Island will be aware, though, of the impending rise in electricity prices, between April and July, by upwards of 50 per cent.

LINK: spfile (tynwald.im)