Price of gas to drop 24.9% in the Isle of Man

Gas prices in the Isle of Man are set to fall, with the All Island tariff going down to 16.67 pence per unit, as a result of recent decreases in natural gas pricing in the global energy market.

“The extreme volatility witnessed in the worldwide energy markets has resulted in continuing instability in pricing. In the summer we saw steep rises in commodity costs, which led to a price increase in September. However, since the middle of that month, the price has fallen significantly. I’m delighted to say that Isle of Man Energy can, as I promised, decrease the price of gas. We have provided our accounts to CURA who are content for us to proceed with a drop in our tariff. This is great news for our customers in the Isle of Man where we know that people are very concerned about coping with the cost of living this winter and to be able to have lower heating costs is welcome news”, said Jo Cox, CEO of the Islands Energy Group, parent company of Isle of Man Energy.

The price change will mean that the price of natural gas for domestic customers will decrease by 24.9% from 22.1p to 16.67p per unit on 14th November 2022.

Isle of Man Energy will apply the decrease on gas used after 14th November. If customers’ bills cover periods before and after 14th November, they will get charged the current rate up to 13th November and the new rate from 14th November.

For customers who want to provide a meter reading, this can be done here.

Isle of Man Energy will continue to offer payment plans, where customers can spread the cost of their winter bills across the whole year, and will make specific provisions for those who require extra support.

Jo Cox added: “Vulnerable customers can register on our Priority Care scheme, and we will assist them with safety checks, prioritising call outs and energy-saving advice. We can also assist them with identifying other forms of support that may be available for them.”

Our current tariffs can be viewed here.