Without this support it’s estimated electricity prices would have shot up by approximately 10 percent by 2013.
A lifeline has been handed to the Manx Electricity Authority to help protect Manx residents and business from more increasing bills.
It comes in the form of financial help from the Government.
For the next 2 years the MEA will have relief from interest charges, financed from internal sources, worth £7.9 million and additional capital advances of £6.6 million.
The financial help means that a predicted increase of around 10% on our electricity prices in the next few years will not happen. As a result of global energy price hikes, the MEA would have had to increase electricity prices by around 10 per cent over the period to 2013.
The move was recommended by a working group set up by the Council of Ministers. Allan Bell MHK who chaired the working group said it will provide reassurance and stability for businesses and households over the next two years.
It comes in the form of financial help from the Government.
For the next 2 years the MEA will have relief from interest charges, financed from internal sources, worth £7.9 million and additional capital advances of £6.6 million.
The financial help means that a predicted increase of around 10% on our electricity prices in the next few years will not happen. As a result of global energy price hikes, the MEA would have had to increase electricity prices by around 10 per cent over the period to 2013.
The move was recommended by a working group set up by the Council of Ministers. Allan Bell MHK who chaired the working group said it will provide reassurance and stability for businesses and households over the next two years.
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