Manx Gas to be regulated for the first time

For the first time in history the Island's gas supply market is being regulated.

The new voluntary agreement will ensure that Manx Gas can't exceed a certain level of annual profit.

The agreement is between the supplier and the Office of Fair Trading, Treasury and the Department of Economic Development.

OFT chief executive Mike Ball - he says it will result in a better deal for customers although that doesn't necessarily mean a reduction in prices:

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