Current agreement runs until next December
A full review of the Manx Gas regulatory agreement will be conducted in the first part of 2018, it's been confirmed.
The deal between Manx Gas and the Office of Fair Trading (OFT) runs until December next year, and limits the company's profits-after-costs to 9.9 per cent.
But it has sparked public anger with many feeling the standing charge structure has led to unaffordable gas bills for Islanders.
Earlier this month, Manx Gas promised a review of its pricing regime would span tariffs, standing charges and the 'cap' on profits agreed with the OFT.
It followed two public protests which prompted Treasury Minister Alfred Cannan to hold talks with Manx Gas directors.
In Tynwald on Tuesday, OFT chairman Martyn Perkins said the contract could only be terminated before December 2018 if there was agreement on both sides or if Manx Gas defaulted on its terms.
When Ramsey MHK Lawrie Hooper reminded him he'd promised a review would be held before next year, Mr Perkins said ongoing negotiations had already started.
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