There is no need to change domestic gas tariffs for the time being, the regulator ruled this week.
The Communication and Utilities Regulatory Authority’s most recent review in November saw prices drop by 25% to 16.67p/unit until the end of the year.
Throughout its latest review, CURA found that ‘an over recovery is likely for 2022 and an allowance for this has been made when calculating the allowed 2023 returns’.
It added: ‘While there may have been a case for a slight increase based on wholesale commodity costs the authority is satisfied that there is little risk to the network or company from tariffs remaining static at this time.
‘This is in line with the authority’s stated position on the value of tariff stability to stakeholders and agrees with Isle of Man Energy’s proposals in this regard.’
It went on to add that Isle of Man Energy (formerly Manx Gas) proposed that no change is required and CURA agreed, saying it ‘sees no reason to intervene at this point’.
The authority added that it ‘expects that Isle of Man Energy will publish a full tariff list shortly’.
The next tariff review is scheduled to take place in June 2023, with any update to the tariffs to be implemented in July 2023.