New tariffs could be brought in on 1 April
Tynwald will be asked to approve new gas regulations today.
If it does it could see new tariffs brought in on 1 April – at a time when wholesale gas prices are around four to five times higher than average.
It's due to the ongoing global energy crisis and the conflict in Ukraine.
The Communications and Utilities Regulatory Authority says Manx Gas will likely need to increase prices in order for it to be able to continue to supply gas to the Island in the short term.
However the authority admits, due to the volatility of the global markets, it's very difficult to predict what that tariff increase may be.
The regulations would mean CURA would cap the revenue that can be earned by Manx Gas - any earnings above that amount must be paid back to customers.
It also means Manx Gas will set its own tariffs but must do so within parameters set by the authority.
CURA says those tariffs will be fair and transparent and move up and down in line with wholesale costs.
The Tynwald sitting starts at 10.30 - you can listen live via Manx Radio AM1368 frequency, online and on smartphone Apps.
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