Manx Gas: "MUA perceived us a Credit Risk"

Manx Gas has claimed it was stopped from 'hedging' gas by Manx Utilities as it was considered a credit risk.

That's according to Jo Cox - the Chief Executive of the Island's Energy Group - who appeared in front of a Tynwald committee yesterday.

'Hedging' is a tool some fuel companies use to lock-in energy and reduce their exposure to volatile and potentially rising costs.

Mrs Cox described Manx Gas’ relationship with Manx Utilities - saying the two companies 'engage regularly' and their dialogue is 'open'.

However, she said when Manx Gas tried to hedge they were perceived as a credit risk, and were therefore declined:

3FM has contacted Manx Utilities for comment.