Island residents are facing a three per cent increase in electricity bills from April 1.
Prices will rise by 2.5 per cent and the prompt payment discount will be reduced from 2.5 per cent to 2 per cent. The Manx Electricity Authority is blaming rising fuel costs and the need to rebalance the budget for the increase.
Chairman of the MEA Howard Quayle MHK said the decision was 'not one made lightly'.
He said: 'The Board were keen to ensure as little pain as possible for customers, whilst supporting the economy and needing to address the debt. Prior to the approval of the merger with the IoM Water & Sewerage Authority the increases proposed were significantly more and I am pleased that going forward we now have the debt issue contained and I look forward to seeing further benefits as synergies are identified.'
The rise in prices means the average domestic customer will pay £21.60 more per year.
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