Electricity Price Shock

Warnings of huge electricity price increase

But MUA chairman cannot confirm how much it will be

Electricity prices could soar by up to 39%.

That’s the stark warning from Manx Utilities Authority chairman Rob Callister, who has just  told the House of Keys that a final decision on increases has yet to be made.

Various options were being examined and the increase could be anything from 5% to 39%, he said. Russia’s invasion of Ukraine had exacerbated an already ‘extremely volatile’ market, Mr Callister added.

He told MHKs that electricity price rises were normally linked to the CPI rate as of September, which would be 5%, but a range of add-ons to that were being considered.

‘I am not in a position to advise what the final price increase will be at this time,’ he said. ‘It currently spans between 5% and up to and towards 39%.’

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