Manx Gas customers are set to enjoy another price cut from next month. (September).
It will be the third reduction this year and the company claims it will mean a further £20 per year being knocked off bills.
Managing director Tony Nicholls told the Manx Indepndent: ‘We are lowering our prices by 3.6 per cent from September 6.
‘This is in addition to the 3.5 per cent reduction in April this year and the 3.5 per cent reduction made back in January 2016. We are very pleased that we’re able to reduce prices by 10.6 per cent this year.
‘These reductions, together with the regulatory adjustment which reduces the price of every unit of gas purchased for the next 12 months by 0.0891 p per unit, are hard evidence that the regulatory agreement is working for consumers.’
The cuts are being made following formal consultation with the Office of Fair Trading under the Regulatory Agreement.
Mr Nicholls added the reduction is a result of lower priced natural gas purchases and continued operational efficiencies together with higher than forecast gas outputs in the first half of this year.
‘The 3.6 per cent reduction will represent a further reduction of £20 per year for the average central heating customer. That’s a total reduction of £ 61 per year.’
Manx Gas’s parent company IEG was bought by a City of London based investment management business earlier this year.
Ancala Partners is a ‘long-term infrastructure investor.’