NEWS FROM THE CELTIC LEAGUE
‘ROCEm’ – This is the new abbreviation set to be thrust in the face of the Manx people this winter.
With the recent announcement by Manx Gas (MG) to perform a ‘fiscal cartwheel’ by reducing prices and at the same time increasing their standing charge effectively many thousands of people will pay more for their gas this winter.
This disgusting move comes about at a time when demand and the price of all sorts of energy are plummeting globally. In the United Kingdom people are able to attain savings of anything up to £500 per year on previous price levels and the pressure is still on in that State to push prices even lower.
But in the Isle of Man this winter even moderately paid workers and middle income household will have to wind the thermostat back a little. However the real impact will be on those on low or fixed incomes. For some pensioners and single parent families it is going to be a case of eat or heat!
The reasons for this are simply its ‘ROCEm’. Apparently the Manx Gas agreement with government the Company is now ‘obliged to set prices’ to achieve an annual return on capital employed (ROCEm) of 9.99 per cent and it is guaranteed this pre-tax return of 10 per cent each year for the next four years.
The Manx government which signed of this ‘Charter for Greed’ has remained strangely subdued over the past few days as changes which will impact (on one estimate) up to 7000 households has been rolled out.
As so far muted opposition starts to stir the reaction of Manx Gas is its usual one indifference – these people don’t care they are not part of this community they are here to get a ‘ROCEm’ – in pursuit of that nothing else matters. They do take their ‘obligations’ seriously but only the obligation to their sharholders.
Some MHKs have started to make noises but their utterances seem more akin to electioneering ahead of next year’s general election than tackling the problem. No doubt in coming weeks more MHKs and aspiring MHKs will hop on the bandwagon and much hot air will be expended. However will any of them propose any concrete action such as a march on the Manx Gas HQ to throw a metaphorically ‘ROCEm’ through the Companies windows!
Issued by: The Celtic News
THE CELTIC LEAGUE INFORMATION SERVICE
The Celtic League established in 1961 has branches in the six Celtic Countries. It promotes cooperation between the countries and campaigns on a range of political, cultural and environmental matters. It highlights human rights abuse, military activity and socio-economic issues