Gas tariffs will increase by 5.3% from July 1, following a review by Communications and Utilities Regulatory Authority.
CURA said the increase reflects lower-than-expected commodity costs, reduced gas demand due to a warm spring, and an overestimation of Isle of Man Energy’s 2024 returns.
The domestic heating tariff, the market benchmark, will rise from 9.76p to 10.29p per unit.
Under the Gas Regulations 2022, CURA conducts biannual reviews to ensure tariffs align with allowed revenue limits.
It stated: “The review found that the estimated commodity cost per unit is less than what was previously assumed in December, estimated volumes for the year have been reduced following the warm spring and finally the assumed return for 2024 had been overestimated.”
The next review is scheduled for December 2025.
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