Manx Gas MEGA Price Rise

[Andy Onchan]

The issue of course is how much the MUA put the price up to Manx Gas, as it's MUA that supplies the gas. So he should be addressing both MG & MUA.

[the stinking enigma]

All this 10% profit they have been making for years, they are going to have to ask their shareholders for it back.  Perhaps remind them that the value of an investment can go down as well as up. Job done, dont see the problem

[CallMeCurious]

Just now, Andy Onchan said:

The issue of course is how much the MUA put the price up to Manx Gas, as it's MUA that supplies the gas. So he should be addressing both MG & MUA.

Maybe the good news is MUA will finally be able to  pay of the dodgy loan before they need the next one for the replacemen at Pulrose. 😝 

 

[Out of the blue]

As this would seem to be a temporary issue it would be politically astute to share the pain by only allowing the price to be raised to a point where MG break even, forgoing their profit margin. The position can be reviewed on a quarterly basis. Once the crisis has passed they can revert to normal margins.

[SleepyJoe]

49 minutes ago, Numbnuts said:

Serious question. If they dont agree to it what option is there ?? Viable option that is ! 

In the UK energy companies are being allowed to go to the wall

How will the new House of Keys act to defend the interests of their constituents?

[Andy Onchan]

3 minutes ago, Out of the blue said:

As this would seem to be a temporary issue it would be politically astute to share the pain by only allowing the price to be raised to a point where MG break even, forgoing their profit margin. The position can be reviewed on a quarterly basis. Once the crisis has passed they can revert to normal margins.

A temporary issue?

[finlo]

Wonder how much the electricity will go up by?

[Numbnuts]

Just now, finlo said:

Wonder how much the electricity will go up by?

Its a given it will have too ! 

[Andy Onchan]

From a few days ago: https://www.bloomberg.com/news/articles/2021-09-27/europe-s-energy-crisis-is-about-to-go-global-as-gas-prices-soar

We'd better hope/pray that this winter is going to be a mild one and that the wind continues to blow to power those wind turbines. Gas prices ain't coming down any time soon.

[James Blonde]

Let Manx Gas go to the wall and nationalise it. 

Then tap into Crogga and that should be gas secure for ~15 years. 

[Gladys]

Just now, James Blonde said:

Let Manx Gas go to the wall and nationalise it. 

Then tap into Crogga and that should be gas secure for ~15 years. 

How long do you think it will be to get the infrastructure in place to tap in to Crogga?

[James Blonde]

2 minutes ago, Gladys said:

How long do you think it will be to get the infrastructure in place to tap in to Crogga?

Depends how soon Government can get themselves in gear. 

Certainly not overnight, but it's a solution to future events like this. 

[Stu Peters]

According to a briefing note I saw earlier, the commodity price for natural gas has risen by over 400% this year alone, so it's unlikely that any forward buying scheme would miigate that to any great degree. In that context a 28% retail price increase is not at all unreasonable. All sorts of reasons - a particularly cold winter last year (global warming?) reduced stock, Russian pipelines and additional demand in the East have all played a major part in the revised supply/demand equation.

One thing is sure - we don't want Manx Gas or the MUA to go bust as has happened with a number of UK energy suppliers.

Goes without saying that this will impact the elderly and those on low incomes hardest, but don't expect IOMG to be able to do much about it bar ensure that no profiteering takes place. And as has been suggested earlier in the thread, get any gas out of the Crogga field as soon as possible if it's viable and reduce our need to import.

Edited October 4, 2021 by Stu Peters

[asitis]

So this year, heat or eat, may really mean that for some !

 

[Ramseyboi]

Even by Isle of Man standards I am astounded by the stupidity on display here and all over social media in reaction to this (entirely predictable) situation.

Do people not watch the news? How on earth do people expect a business, even if it were a government owned business, to sell a product with all the additional expenses that that involves over just buying it, for significantly less than it costs them to purchase.

We are on gas so this is going to cost us significantly.  A 27% increase over last year will see bills hit about £200 a month at a time we could do without it.  So rather than bitching  about the inevitable and unavoidable increase I am looking into alternatives like electric heaters and we will swap baths for showers etc.  I might open the old fireplace up again.

On the plus side.  A few hours in the pub using their heating becomes much more justifiable.

Edited October 4, 2021 by Ramseyboi