Isle of Man Energy says that the majority of its wholesale gas costs are fixed through to the end of 2026, limiting the impact of global market swings on customer bills.
The company said its hedging strategy means any price increase agreed with the Communications and Utilities Regulatory Authority (CURA) during the next review in June is likely to be modest.
Graeme Millar, Chief Executive Officer 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 firm is urging any customer worried about paying their bill to get in touch early. Support options include Direct Debit arrangements, flexible payment plans and free home gas assessments.
Confirmed pricing changes will be announced after the June review.