Isle of Man freezes electricity bills until March 2023

Image: Henryk Sadura/Shutterstock

The Isle of Man has announced that it will cap electricity bills at their current level until March 31, 2023.

The idea had already been pitched to UK government officials to help those struggling with the rising cost of living ahead of the price cap hike again.

Most of the Isle of Man’s electricity is generated from gas and rising global prices mean Manx Utilities should have raised tariffs by at least 70% this autumn.

This would result in an increase in the average household bill of around £500 per year.

After consultation with Manx Utilities, the Isle of Man Government has ordered Manx Utilities to freeze the unit cost of electricity for customers at current levels until March 31, 2023.

The island’s Treasury Minister, Dr Alex Allinson, said: ‘We are protecting households, businesses and organizations from what would have been a sharp and sudden rise in electricity costs of between £16m and £26m. sterling by March next year.

“Instead, people will have that money in their pockets this winter. This is a significant sum that will help individuals and businesses meet rising costs and allow that money to flow through our economy, boosting consumer and business confidence.

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