Gas prices to remain unchanged in January

Gas prices are to be frozen in January following the latest review by the Isle of Man's energy watchdog.

The Communications and Regulatory Authority (Cura) said the decision had been based on set parameters for profits generated by gas provider Isle of Man Energy.

It follows an agreed 5.3% hike in bills by the island's monopoly gas provider in June, after a warm spring led to a dip in consumption.

Isle of Man Energy said the freeze in tariffs represented the current "stable cost of natural gas prices".

Cura said a range of factors had been taken into account as part of the review including forward purchase agreements and the firm's "commodity price and demand assumptions for 2026".

Rises in customers' bills were linked to the wholesale price of gas under rules approved by Tynwald three years ago.

The formal regulation of the island's monopoly gas supplier's prices was introduced in 2022, bringing in price controls for customers for the first time.

The process involved reviews held twice each year – in June and December – or triggered if wholesale costs go up or down by 10% or more.

A previous voluntary agreement between the government, the Office of Fair Trading and the firm – which was then named Manx Gas – led to protests over tariff rises, sparking a political review.

Isle of Man Energy managing director Aidan Baglow said "steady pricing" of gas would be welcomed by customers in what was "a time of continued economic pressure and in the middle of the winter heating period".

However, he urged those struggling to pay their existing bills to contact the firm for assistance.

Vulnerable customers would be eligible for the company's Priority Care scheme – which offered assistance with safety checks, prioritisation of call outs, energy-saving advice and payment plans where needed to help spread the cost of winter bills, he added.

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