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Public are being 'misled' over reasons for electricity hike, says campaigner
Thursday, May 25th, 2023 - 31 minutes
As residents in the UK prepare to pay less towards their energy bills from July, people on the Isle of Man are bracing for price hikes.
Manx Utilities announced a two-stage increase of the Island's electricity tariffs - the first increase came into force in April with a further 30-percent rise expected at the start of July.
The findings were released in March by Manx Utilities and revealed the authority had debts of £451m and would be required to increase revenue by 60 per cent this year to keep up with its Baa2, otherwise known as 'Moodys' rating.
That rating ranks organisations based on their financial stability and looks at factors including the likelihood of bankruptcy.