Non-Believer Posted January 15, 2023 Share Posted January 15, 2023 29 minutes ago, Gladys said: Wasn't the £26m a loan to MUA so they don't have to increase the tariff over winter? Presumably, that will have to be paid back and there is only one way to do that and it is not connected to gas prices. And many are the loans connected to the history of IoM energy supplies.... 1 Quote Link to comment Share on other sites More sharing options...
0bserver Posted January 15, 2023 Share Posted January 15, 2023 (edited) 40 minutes ago, Gladys said: Wasn't the £26m a loan to MUA so they don't have to increase the tariff over winter? Presumably, that will have to be paid back and there is only one way to do that and it is not connected to gas prices. It's repayable over 20 years. I think at the time I read it would add £17 a year to each household bill. (But if you run £26m over 20 years and £17 a year, that gives something like 76,000... I don't think we have that many households do we?). ETA: The Minster later predicted that the loan taken out would "add £17 a year to the average household bill over the next two decades". https://www.itv.com/news/granada/2022-09-23/isle-of-man-government-approves-cost-of-living-winter-support Edited January 15, 2023 by 0bserver 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted January 15, 2023 Share Posted January 15, 2023 25 minutes ago, 0bserver said: I think at the time I read it would add £17 a year to each household bill. (But if you run £26m over 20 years and £17 a year, that gives something like 76,000... I think "rule of thumb" is about 36,000 here, isn't it...? 2 Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted January 16, 2023 Share Posted January 16, 2023 37 minutes ago, Non-Believer said: I think "rule of thumb" is about 36,000 here, isn't it...? 37,220 households in the Census (the number of households went up by more than the increase in population). But there will be commercial electricity customers as well. 1 Quote Link to comment Share on other sites More sharing options...
Happier diner Posted January 16, 2023 Share Posted January 16, 2023 10 hours ago, Gladys said: Wasn't the £26m a loan to MUA so they don't have to increase the tariff over winter? Presumably, that will have to be paid back and there is only one way to do that and it is not connected to gas prices. As I see it it's not connected to gas prices. Gas prices have stabilised so maybe the MUA will pay it straight back without spending it.😅 Quote Link to comment Share on other sites More sharing options...
0bserver Posted January 16, 2023 Share Posted January 16, 2023 1 minute ago, Happier diner said: As I see it it's not connected to gas prices. Gas prices have stabilised so maybe the MUA will pay it straight back without spending it.😅 The gas for the winter period was pre-purchased (hedged or whatever term they're using) so current prices won't offer any benefit. Quote Link to comment Share on other sites More sharing options...
Banker Posted January 16, 2023 Share Posted January 16, 2023 4 minutes ago, 0bserver said: The gas for the winter period was pre-purchased (hedged or whatever term they're using) so current prices won't offer any benefit. They do buy some forward as do MUA & will be still doing so , they also both buy at spot. So current low forward & spot prices will of course help Quote Link to comment Share on other sites More sharing options...
John Wright Posted January 16, 2023 Share Posted January 16, 2023 1 hour ago, Banker said: They do buy some forward as do MUA & will be still doing so , they also both buy at spot. So current low forward & spot prices will of course help I thought MG/IEG had a problem with hedging/forward purchasing. They buy via MUA and MUA was refusing to place hedges or forward purchases due to concerns over MG/IEG finances. 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted January 16, 2023 Share Posted January 16, 2023 13 minutes ago, John Wright said: I thought MG/IEG had a problem with hedging/forward purchasing. They buy via MUA and MUA was refusing to place hedges or forward purchases due to concerns over MG/IEG finances. I was mainly referring to MUA & electricity prices based on gas prices but I also thought issues has been resolved & some forwards were being done for MG Quote Link to comment Share on other sites More sharing options...
Happier diner Posted January 16, 2023 Share Posted January 16, 2023 1 hour ago, 0bserver said: The gas for the winter period was pre-purchased (hedged or whatever term they're using) so current prices won't offer any benefit. They only hedge a proportion so it will help. The spot price is low. You can always buy at a spot price. The uncertainty will be that no one will offer long term low rates. Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted January 16, 2023 Share Posted January 16, 2023 MG/IEG also further "declined" to release figures during a recent Tynwald/MUA probe as well which may not have assisted matters? Quote Link to comment Share on other sites More sharing options...
John Wright Posted January 16, 2023 Share Posted January 16, 2023 45 minutes ago, Banker said: I was mainly referring to MUA & electricity prices based on gas prices but I also thought issues has been resolved & some forwards were being done for MG That’s not how your sentence is constructed and reads. It’s specific to MG ( but says MUA do the same ) Quote Link to comment Share on other sites More sharing options...
Happier diner Posted January 16, 2023 Share Posted January 16, 2023 (edited) 1 hour ago, John Wright said: I thought MG/IEG had a problem with hedging/forward purchasing. They buy via MUA and MUA was refusing to place hedges or forward purchases due to concerns over MG/IEG finances. Sort of. But i believe the issue was that MG hadnt paid for gas it had used and owed the MUA money. Because of that MUA were refusing to buy MG any more gas. That was my understanding Edited January 16, 2023 by Happier diner Quote Link to comment Share on other sites More sharing options...
Gormless Git Posted January 19, 2023 Share Posted January 19, 2023 (edited) Andrea's Italian Restaurant in Port St Mary to close in June Edited January 19, 2023 by Gormless Git . Quote Link to comment Share on other sites More sharing options...
hissingsid Posted January 19, 2023 Share Posted January 19, 2023 Is it end of lease ? Seems a strange time to choose although expect they do a bit over the TT period. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.