Another rise would 'disproportionately impact consumers' - CURA
The Island's energy regulator CURA has ruled out a further increase in gas prices.
In November, a month after prices rose by 27.5 per cent, Manx Gas wrote to the authority asking for a further review in light of continuing high costs globally.
The company said it was losing 'significant profit' and called for another price increase or an 'alternative solution'.
Denying the request the Communications and Utilities Regulatory Authority said a further increase would benefit Manx Gas but disproportionately negatively impact on gas consumers.
CURA acknowledges that at the time of writing commodity prices are near an all-time high but says it's still unclear if this is a transitory phenomenon or not.
It points out that in the past dramatic increases in price have proved to be short-lived.
The authority says it's best to keep an eye on the market admitting there's insufficient data to suggest whether the current global increase will last.
Regardless it says current market highs were not the motivation for Manx Gas seeking the review of tariffs at this time and it's working to have more detailed price controls in place in early 2022 to ensure that tariffs are fair.
You can read the full response here.
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