A strategy to hedge gas prices has helped protect Isle of Man customers from sharp increases, according to the island’s energy provider.

Isle of Man Energy said it has secured a significant portion of its wholesale gas costs in advance, reducing exposure to volatility in global markets.

The company said the approach has fixed the majority of gas costs through to the end of 2026, helping to limit the impact on customer bills while maintaining security of supply.

As a result, any price rise agreed with the Communications and Utilities Regulatory Authority (CURA) during the next review in June is expected to be modest.

Graeme Millar, chief executive of Islands Energy Group, said: ‘We recognise that any increase in gas prices is a concern for customers, particularly at a time of wider cost of living increases.

‘While we expect a modest increase to domestic tariffs following the forthcoming June regulatory review, this will be subject to CURA’s approval and is driven by underlying wholesale costs. Our hedging strategy continues to play a critical role in helping to soften the impact on customers and ensure reliable supply during challenging market conditions.’

The company said support is available for customers concerned about paying their bills.

This includes direct debit options, flexible payment plans, referrals to third-party support organisations and free home gas assessments aimed at improving efficiency and reducing usage.

Customers are being encouraged to contact Isle of Man Energy as early as possible if they are struggling with payments.

The company said it will confirm any changes to pricing following the outcome of the June review.

It added that updates will be communicated directly to customers, as well as through its website, media channels and social platforms.