Manx Utilities has scrapped a planned 5.7% price hike on electricity prices.
And in more good news for Isle of Man residents, the energy provider says its current fees will instead be reduced by 5.1% from April 1.
According to Manx Utilities, it has reviewed plans to introduce the increase in light of a reduction in wholesale natural gas prices and has decided to pass on the savings back to customers.
The change will be applied to customer bills from 1 April 2024.
The news means that the average Manx Utilities customer will spend around £50 a year less on their electricity bill.
However, Manx Utilities’ standing charges for electricity as well as water and waste water charges will still increase by 5.7% in a move previously announced by the company.