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Manx Utilities claims Manx Gas didn't supply 'sufficient information' for hedging

Authority responds to claims that it blocked the forward purchase of gas

Manx Gas did not supply 'sufficient information' to enable Manx Utilities to hedge on its behalf.

That's the response from the authority which has confirmed it believed the energy provider was a 'credit risk'.

Yesterday Jo Cox - the chief executive of Islands Energy Group (Manx Gas’ parent company) – told a Tynwald committee it was blocked from forward buying energy last year.

You can find out more HERE.

In a statement released by Manx Utilities today it said: "Manx Gas was considered a credit risk by Manx Utilities as it failed to supply further information, when requested, which would enable Manx Utilities to understand the financial risk it was being exposed to following a significant increase in wholesale energy costs.

"As Manx Gas did not supply sufficient information, Manx Utilities was unable to forward-purchase gas on the company's behalf."

The decision was made by senior officers and has been considered 'regularly' since by the board of Manx Utilities – most recently on 25 March.
 

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