The OFT has welcomed today’s announcement by Manx Gas that gas tariffs will fall by 3.5% from 1 January 2016.
OFT Chairman David Quirk MHK said:
'As I indicated in both Tynwald and the House of Keys, under the Regulatory Agreement Manx Gas provides us with quarterly management accounts which enable us to monitor progress against the acceptable level of profitability. As a result of the ensuing discussions, Manx Gas has decided that to meet its obligations under the Agreement, the company needs to reduce its prices.'
Mr Quirk added:
'This is exactly the way in which the Regulatory Agreement was designed to work; to benefit consumers. Having fixed Manx Gas profits at a fair level, consumers rather than shareholders will benefit from falling energy prices on the international markets'