Manx Utilities to reduce electricity prices by 5% from April in the Isle of Man

Manx Utilities will not be applying the proposed inflationary increase of 5.7% to electricity unit rates. Credit: ITV News

The cost of electricity in the Isle of Man is set to drop by 5.1% in April.

Manx Utilities had originally announced plans for a 5.7% increase, but a change in the price of wholesale gas has influenced that decision.

Islanders will see an average reduction of approximately £50 a year.

However, electricity standing charges, water and waste water charges will still increase by 5.7%, as previously announced.

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Electricity prices are set to drop, but standing charges, water and sewage rates will be increased as originally planned. Credit: ITV Granada Reports

The utility has recently published its audited financial statements for the year ended 31 March 2023, showing a loss for the year of £42 million.

Manx Utilities say this was 'an improvement over the £50 million deficit previously expected' and 'the organisation remains on schedule to repay bonds attributed to water and power infrastructure projects due in 2030 and 2034'.

This is despite £20 million being withdrawn during the financial year to avoid further customer increases to tariffs.

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