Positive report from MEA

The Manx Elecricity Authority is reporting a successful trading year in the twelve months to March 31, during which it exceeded its financial targets.

That was despite there being no increase in demand for electricity, and a slightly reduced turnover of £74.6 million.

The annual report and accounts, which will go before Tynwald this month, show support from government in relation to the £120 million unauthorised loan was down £3.5 million from the previous year.

And interest charges under the Tynwald backed recovery plan to repay the loan were down £800,000 to £19 million.

The electricity supply business contributed £65 million to the £74 million turnover, which was a slight increase on the 2008-2009 figure.

Operating costs, at £66 million, were down £22 million, although that was mainly down to some exceptional items which were included in the 2008-2009 accounts.

The figures show operating costs for electricity supply in 2009-2010 accounted for £57 million, down £20 million.

The resulting deficit was £5.6 million, well down on the figure of £24 million pounds for the previous year.

MEA chairman Quintin Gill MHK is thanking staff for their efforts, but says the authority faces many challenges ahead.