Electricity Cap Update in New Year

Treasury Minister Dr Alex Allinson will update Tynwald on the gov’s plans for the electrical price cap in January.

Prices were frozen at 22p per unit until March 21 2023, a move which resulted in a loan of up to £26m being given to Manx Utilities by the taxpayer.

In today’s sitting, he said that the Treasury is working with Manx Utilities on what will happen after March, but that the volatility in the markets was continuing to make long-term planning difficult.

Dr Allinson added that future support will be aimed at the most vulnerable, namely pensioners, people on benefits and those with long-term disabilities.

He said that those who need support should reach out as both government and third sector support is available.