Manx Gas was considered a credit risk by Manx Utilities as it failed to supply further information when requested.
That's according to a MUA spokesperson - in a statement issued to 3FM.
It comes following Jo Cox - the CEO of the Island's Energy Group saying the MUA has perceived Manx Gas as a 'credit risk' when it looked to hedge gas.
The statement, from Manx Utilities reads:
"Manx Gas was considered a credit risk by Manx Utilities, as it failed to supply further information, when requested, which would enable Manx Utilities to understand the financial risk it was being exposed to following a significant increase in wholesale energy costs.
As Manx Gas did not supply sufficient information, Manx Utilities was unable to forward-purchase gas on the company’s behalf."
The decision was made by Manx Utilities’ senior officers and has been considered regularly since by Manx Utilities’ Board, most recently on 25 March 2022.
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