Sinking fund is £6-7m 'over target'
Plans by Manx Utilities to repay its £185 million debt are ahead of schedule.
That position was confirmed in the House of Keys today by Treasury Minister Alf Cannan, who said the authority makes annual contributions to a sinking fund to repay its multi-million pound bond.
He said that fund is currently between £6m and £7m ahead of schedule.
MUA chairman Dr Alex Allinson told the Keys an additional £11m per year could be added from 2023, when the lease to the sub-sea spur at Glen Mooar is paid off.
The minister said the MUA ploughs any surplus income from the water rate into meeting the combined debts of the former water and electricity authorities:
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