Manx Gas are holding emergency talks about prices on the island, with the company saying bills are likely to rise.
Island Energy Group, which owns Manx Gas, has already announced steep increases in Jersey and Guernsey.
Jo Cox, CEO of the Islands Energy Group, parent company of Manx Gas, told Gef: ‘We are keenly aware of the current volatility in the wholesale gas market. The cost of wholesale gas has doubled and many suppliers are dealing with the impact of this. We are in emergency discussions to review our current pricing in the Isle of Man. These discussions are likely to result in a price increase, subject to approval by the Manx Government. We will inform our customers as soon as possible once we have confirmed what this will be.
‘Energy markets are subject to a variety of complex influences and there have been a significant number of events across the world in recent times, such as Brexit, Covid, storms across America, and unpredictable weather globally. It isn’t possible to pinpoint one specific thing that has caused the cost of supplying gas to increase, but all these things have combined to affect supply chains, increasing the cost of many things that are crucial to the supply of gas. We understand that news of price increases for customers can cause concern and we would like to remind our customers that they can sign up for our Priority Customer Care service if they would like to discuss any additional support that we are able to give them. Our team can be reached on 644444.’
By way of context, in Guernsey, a permanent price increase of 2.2% is to be applied, with an additional, market-linked increase of 14.7% also in effect from the middle of October and in Jersey, a permanent increase of 2% has been announced, with a further market-linked increased of 15.2% This has led to an increase of between £10 and £15 per month for customers.
Gef understands a further announcement is due later this week either from Manx Gas or the Manx gov.