Rob Callister, MHKChair explains broad tariff estimate

The energy sector is facing a ‘once in a generation’ problem with electricity prices on Island expected to soar by up to 40 per cent.

Manx Utilities says current volatility in the global energy market means it’s difficult to confirm how much bills will increase by.

People have been warned to expect a hike of between five and 39 per cent.

Chairman Rob Callister says natural gas prices currently stand at more than 400 pence per therm: