Tariff 1st April 2014
During the last three years MEA, working with Government, has managed to keep a cap on tariff increases. With rising fuel costs over recent periods and as part of the IoM Government budget rebalancing programme, it is now necessary to increase electricity prices.
With effect from 1 April 2014 tariffs will increase by 2.5%, and the ‘prompt payment discount’ will reduce from 2.5% to 2%. With an overall increase of 3%, tariffs remain in line with inflation as previously stated by the Chief Minister in his address to Tynwald in October 2013.
Chairman, Howard Quayle MHK said, “We have been and remain in close working contact with Government Departments and other stakeholder groups in relation to tariff increases and the final decision was not one made lightly. 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. I would also take this opportunity of wishing all the staff of the soon to be ‘Manx Utilities Authority’ my best wishes in this new chapter of providing essential services to this Isle. It has been a short period of office at the MEA, however, one I have very much enjoyed and I am sure the new team will support the new Chairman and Board extremely well.”
As has been the case in previous years, the introduction of the tariff change will take effect from 1 April 2014 to coincide with the IoM Government’s financial year end and the foundation of the Manx Utilities Authority.