MUA debt repayment 'ahead of schedule'

£6-7 million ahead - due to be paid off by 2034

Plan to repay the £185 million Manx Utilities Authority bond are slightly ahead of schedule, the treasury minister has confirmed.

Alfred Cannan told the House of Keys today (4 April) that the long-term financial plan was around £6 - £7 million ahead, with full repayment of the electricity bond due in 2034.

He said the water bond - £75m and £55m in interest - is also due to be repaid on time, by 2030.

Annual contributions are made via a bond repayment fund, which came into effect two years ago.

Chairman of the MUA, Alex Allinson, recently said the full debt facing the authority - inherited after the former electricity and water bodies were combined two years ago - can be paid off over the next two decades.