The chairman of Manx Utilities has welcomed a deal with Swedish energy group Vattenfall.

The plan is that Manx Utilities will buy and sell power through Vattenfall’s Flex Expert electricity trading platform this month, with power imported and exported through the island’s interconnector to the British mainland.

(A trading platform is the software that enables investors and traders to place trades and monitor accounts through financial intermediaries.)

Manx Utilities ensures reliable power supplies to the island, as well as selling surplus production into the British market.

Chairman Dr Alex Allinson MHK, said: ’Manx Utilities stabilises the price of electricity to its customers through imports and exports to drive efficacy.

’This new partnership with a European leader in energy trading will continue to help us maximise future opportunities.

’It also gives us access to expertise on a range of new technologies which will be essential for us to meet our commitments to address climate change.’

The name Vattenfall, based in Solna, Sweden, is Swedish for waterfall.

James Hunt, who leads Vattenfall’s sales and origination business in the UK, said: ’We’re delighted to have signed up Manx Utilities to the leading Flex Expert platform, we hope it’s a start of a long-lasting partnership.

’The digital platform puts the customer in control, with transparency and ease of use key to its success.

’The ability to trade efficiently with a trusted partner is central to delivering positive solutions for our customers.’

Vattenfall’s Flex Expert gives Manx Utilities the ability to buy and sell power in advance. When generators on the island produce more than it needs, Manx Utilities can sell that power through Flex Expert.

When the island is short, Manx Utilities can remotely order what it needs through Flex Expert without having to make a phone call or send an email.

Vattenfall says it is determined to make fossil free living possible for customers in one generation.

Vattenfall claims it has more than 100 years’ experience supplying electricity to large Industrial and commercial businesses across Europe.