Wholesale costs have rocketed in recent weeks
Manx Utilities is closely monitoring gas prices during the current period of extreme price volatility.
Wholesale gas prices have rocketed in recent weeks forcing several gas providers in the UK out of business.
Wholesale prices currently exceed the retail prices companies are allowed to charge under the UK Government's retail price cap.
Manx Utilities has measures in place to minimise the risk that volatilities in the gas market may have on the price consumers pay.
They do this by hedging against increases in the natural gas futures market.
This can involve taking a long position to secure a purchase price for a supply of gas they will require in future.
The current crisis in the gas supply industry is expected to be temporary, though nobody really knows how long it may be before wholesale prices stabilise at a lower level.
Either way, consumers can look forward to higher prices in the short to medium term.
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