Electric Prices to be Cut

Manx Utilities has announced that electricity prices will be going down by 5.1% from April 1, having previously said they were going to rise 5.7%.

The plans to introduce an increase have been reviewed and amended to reflect the reduction in wholesale natural gas prices, with these cost reductions being passed back to customers.

The change will be applied to customer bills from April 1 for electricity consumed and mean the average domestic customer’s electricity costs will reduce by approximately £50 a year.

Electricity standing charges, water and waste water charges will increase by 5.7% as previously announced.

Manx Utilities said it will continue to regularly review wholesale energy costs and electricity tariffs and will once again be engaging with independent external specialists to update its pricing strategy.  This will ensure tariffs continue to remain as low as possible for its customers whilst still meeting its financial obligations to maintain essential services.