Chief Minister Howard Quayle has is setting up his own committee to review Manx Gas prices.

The announcement, in his state of the nation address to Tynwald this morning, came shortly after Office of Fair Trading chairman Martyn Perkins told Tynwald that a full review of the regulatory agreement between the OFT and Manx Gas was due to get underway next year, as already scheduled.

Last month, following protests by customers Manx Gas announced it was reviewing its standing charges. It pledged to come back to Treasury and the OFT by the end of October.

Mr Quayle, who was marking a year at the helm, said: ’I am pleased that Manx Gas has set up a review of its prices, but I want to ensure that they receive an effective level of scrutiny.

’To that end, I will be setting up my own committee to review the current situation and develop conclusion on whether the current arrangement is working for the Isle of Man.’

He said the committee would be made up of Tynwald members.

’As a monopoly supplier, Manx Gas is in a privileged position,’ he added.

’In return for that privilege, they have a responsibility to ensure they are fair in the way they provide their service to the people of the Isle of Man.

’It is a finely balanced relationship, but at the moment my instinct is that the balance is falling in their favour.’

He noted the public had major concerns about energy prices, particularly gas.

During his address, which was broadly well-received by members, Mr Quayle outlined the achievements of the past year, as well as signalling the challenges up ahead - including Brexit and the costs facing the Department of Health and Social Care.

He also pledged to give a detailed progress report on the Programme for Government at next month’s Tynwald.

Full reports in this week’s Manx Independent.