MEA annual accounts published
Publication Date: Mon, 07 Nov 2011 15:08
The Manx Electricity Authority saw a short fall of £10m in the last financial year.
However, it's an improvement of almost £1m on last year.
The MEA's accounts will be put before Tynwald this month.
They show a reduction in on-island electricity sales, which is mainly put down to an increase in energy efficiency programmes.
Export sales were 5% lower than last year falling from £4.8 to £4.4m.
No revenue grant was received from the government during the period, for the first time since 2005.
Chief Executive Phil King says the major goals in 2010/2011 were to stabilise debt, reduce overheads and develop new business streams to minimise tariff increases.
