Minister for the Cabinet Office Kate Lord-Brennan has said she expects the Gas (Economic Regulation) Bill to come to Tynwald early next year.
Mrs Lord-Brennan was asked when a bill enabling full statutory regulation of Manx Gas will enter the branches by her former MLC colleague Tanya August-Hanson.
In response, the Minister said that the Communications and Utilities Regulatory Authority has put in place temporary Price Fixing regulations Regulations 2021 (with amendments) as a temporary consumer protection pending the development of more detailed and balanced measures.
She added: ‘However it should be noted that these Regulations are expected to come to an end in Q1 2022 when the Authority establishes a more detailed regulatory regime with more nuanced regulations that provide transparent, fair, and stable regulation that attempts to balance the needs of all stakeholders.’
With these regulations coming to an end, Mrs Lord-Brennan said CURA will aim to bring further regs to the March sitting of Tynwald which will ‘provide assurances to consumers that their tariffs are fair and reflect the cost of the service they enjoy and Manx Gas has greater certainty regarding its costs and investments’.
She added: ‘The Authority has publically stated that it will build on this regime with the introduction of further primary legislation the principles of which will be consulted on during 2022. The Gas (Economic Regulation) Bill will be progressed with an initial view to it entering the Legislative Branches early in 2023.’