Manx Gas MEGA Price Rise

[Bazza Smurf]

Hopefully it will be a case of once bitten twice shy. Another rise would be cruel to so many. 

 

https://gef.im/2021/12/11/manx-gas-seeks-second-tariff-review/

[Bazza Smurf]

On 12/2/2021 at 2:30 PM, cissolt said:

Did anyone read this article on gef?

https://gef.im/2021/12/02/manx-gas-latest/

 

Why are Manx utilities holding 700k a year for Manx gas customers? 

 

Mr Callister said Manx Utilities was holding about £700,000 per year on behalf of Manx Gas customers and was waiting for the agreement to be reached ‘to ensure that 100% of those refunds is given back to Manx Gas customers.

I thought the cost to Manx gas was profit neutral?!

As part of a proposed voluntary agreement between gov and Manx Gas, Treasury offered to reduce loan charges to Manx Utilities, in respect of the natural gas network extension, and it in turn would be able to reduce its charges to Manx Gas, to pave the way for rebates.

 

Goes back to the promise that both sides made to consumers following the hoohaa and eventually the failure to sign another voluntary deal in 2020 following the expiration of the 2015 gas agreement. Both sides offered money. The MUA money is a reduction from 6% to 2% on the interest charged to Manx Gas for the network extension loan for years 2020 and 2021 passed through from Treasury. Thank our lucky stars I say another "deal" was not signed. At least now we have some long term regulation on the way for the gas company.

 

Manx Gas have since refused to repay anything because the powers of a regulator have been imposed on them. I have submitted a petition to request the Government to examine why MG did not repay its share of money, if indeed money was owed and why if it was owed terms and conditions were set on the repayment. 

Edited December 11, 2021 by Bazza Smurf
Spelling

[Phillip Dearden]

On 11/18/2021 at 12:22 PM, pongo said:

 

Increased taxation is anti-inflationary driver. It reduces the money supply. Taxation one of the basic controls which governments have re money supply and therefore inflation. On the IOM, increasing taxation is (more or less) the only instrument which govt can use to reduce the money supply and therefore inflation.

 

Is that true in the Isle of Man?

In some countries, money can be created by accounting entries (agreed, inflationary)  and destroyed by taxation (deflationary). However, the destruction happens because money is (usually) a debt due by the Government and money the Government owes to itself is a big nothing.

In the Isle of Man we use UK money. IOM tax transfers a debt due by the UK Govt from individuals and businesses to the IOM Govt. The debt still exists, money has not been destroyed. I can't see that this reduces inflation.

 

[2112]

43 minutes ago, Bazza Smurf said:

Hopefully it will be a case of once bitten twice shy. Another rise would be cruel to so many. 

 

https://gef.im/2021/12/11/manx-gas-seeks-second-tariff-review/

Sadly I see this a mere rubber stamping exercise. I can’t see too much rebellion going on to be honest, much handwringing and emoting but in the end the ayes have it, and up goes the price again. A price rise will affect everyone, and businesses which use gas, so their prices will filter to the consumers. 

[Ringy Rose]

59 minutes ago, Bazza Smurf said:

Hopefully it will be a case of once bitten twice shy. Another rise would be cruel to so many. 

 

https://gef.im/2021/12/11/manx-gas-seeks-second-tariff-review/

And this is why they should have been told to fuck off the first time. They're parasites and, like any parasite, they'll just keep coming back for more.

If Ancala Partners LLP don't like the profits available here, the door's over there. 

(I would say there's a boat in the morning, but the Ancala partners wouldn't ever dream of actually coming here and wouldn't know the Isle of Man if they were being buggered by Maughold lighthouse.)

Of course we sadly all know that Alf the Banker will just bend over and part his bumcheeks for Ancala Partners LLP. Can't say no to hedge funders, can we.

Edited December 11, 2021 by Ringy Rose

[2112]

10 minutes ago, Ringy Rose said:

And this is why they should have been told to fuck off the first time. They're parasites and, like any parasite, they'll just keep coming back for more.

If Ancala Partners LLP don't like the profits available here, the door's over there. 

(I would say there's a boat in the morning, but the Ancala partners wouldn't ever dream of actually coming here and wouldn't know the Isle of Man if they were being buggered by Maughold lighthouse.)

Of course we sadly all know that Alf the Banker will just bend over and part his bumcheeks for Ancala Partners LLP. Can't say no to hedge funders, can we.

I agree with your sentiments and comment, but I can see MG parent company crying poverty, they can’t sustain price rises and absorb it as it will lead to no profits. I can see the politicos saying if MG fold where are we going to get our energy from? 
 

A lovely little cononumdrum for our elected idiots. They could get their wish for no gas, earlier than they want. However, it’s the population that will suffer. 
 

If we hadn’t have spent so much money on our capital infrastructure projects, pissing money down the drain, with very little to show, then perhaps we may have had funds to contemplate buying MG IOM operations and merging into MUA. If prices went up, at least the management would be accountable to the electorate. 

[Non-Believer]

Well Alf, you did previously say the Island's Govt wouldn't be held to ransom over gas prices and supply...

 

[Ringy Rose]

21 minutes ago, 2112 said:

I can see the politicos saying if MG fold where are we going to get our energy from? 

If only we had a government utilities authority who are the ones who actually deliver the gas to the island in the first place.

And why buy MG? If they want to pull out, let them. What are they going to do, take the pipes (we installed!) with them?

Edited December 11, 2021 by Ringy Rose

[A fool and his money.....]

22 minutes ago, 2112 said:

I agree with your sentiments and comment, but I can see MG parent company crying poverty, they can’t sustain price rises and absorb it as it will lead to no profits. I can see the politicos saying if MG fold where are we going to get our energy from? 
 

A lovely little cononumdrum for our elected idiots. They could get their wish for no gas, earlier than they want. However, it’s the population that will suffer. 
 

If we hadn’t have spent so much money on our capital infrastructure projects, pissing money down the drain, with very little to show, then perhaps we may have had funds to contemplate buying MG IOM operations and merging into MUA. If prices went up, at least the management would be accountable to the electorate. 

If Tynwald had any sense or foresight, it would have refused the last increase and been able to buy MG for next to nothing.

[2112]

Just now, A fool and his money..... said:

If Tynwald had any sense or foresight, it would have refused the last increase and been able to buy MG for next to nothing.

Unfortunately Tynpotwald are full of idiots, left wing toytown trots and no people of real commercial or business intelligence. There are one or two MHKs who have intelligence and thought, but sadly those on IOMNP Facebook and other critics don’t like them. 

[A fool and his money.....]

Is it too much to expect that MG use some of the long millions they have made in profits for many years to see them through this rough patch, rather than expecting their customers (many of which have no choice but to use them) to "maintain their profits"?

The day they decide to fuck off will be a good day for the island.

[floors4u]

On 12/11/2021 at 8:05 PM, 2112 said:

Unfortunately Tynpotwald are full of idiots, left wing toytown trots and no people of real commercial or business intelligence. There are one or two MHKs who have intelligence and thought, but sadly those on IOMNP Facebook and other critics don’t like them. 

zzzzzzzz

Edited December 13, 2021 by floors4u

[Amadeus]

I’m gonna burn furniture to keep warm, starting with the one from the ManxGas office... 

 

[Non-Believer]

You can guarantee that somebody, somewhere, will be doing very nicely out of it though....

[pongo]

On 12/11/2021 at 7:38 PM, 2112 said:

 contemplate buying MG IOM operations and merging into MUA. If prices went up, at least the management would be accountable to the electorate. 

I am surprised you arguing for this given that in another breath you are whining that Tynwald is full of left-wingers.

Your solution is essentially communist.