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MEA annual accounts published

Mon, 07 Nov 2011

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.

 

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