If Tynwald approves the high conditions of a new agreement, the mandates will be drawn up and reduced to the October session in Tynwald for final approval. According to the government, isle of Man natural gas customers could reduce their bills by up to 12.6% if a new voluntary regulatory agreement is approved. He added: “Gas regulation on the Isle of Man is important for our citizens, our businesses and our environment. The direction of the next iteration of the regulations is now in Tynwald`s hands. A voluntary agreement has been put forward and will be finalized by the end of the year, if that is Tynwald`s will. INTERPRETATION Definitions. In these circumstances, the following definitions apply: Act: the Gas Regulation Act 1995. Working day: a day (except Saturdays, Sundays or public holidays) where banks on the Isle of Man are open to shops. Notice period: has the meaning indicated in point 3.2. Terms: the terms and conditions of this document, as amended from time to time, in accordance with item 10.6. Consumers: anyone acting for contract-compliant purposes that are not in their business, without a sector or for professional purposes.

Contract: the contract between the supplier and the customer for the sale and purchase of gas according to the terms. Customer: the person who buys gas from the supplier. Caution: the sum of the money that the customer must give to the supplier as an appropriate guarantee for the payment of all the money attributable to him for the supply of gas, as an appropriate guarantee for payment to the supplier. National customer agreement: customer request for gas supply, as presented in the form under the title “Domestic Customer Agreement. Due date: has the meaning indicated in point 4.5. Force Majeure Event: has the meaning in paragraph 9.1. Gas: gas that the supplier supplied to the customer within the meaning of the contract, as defined in the law: Counter: the dosing system of the object [until the power outlet included for the (primary) dosing system] that the supplier uses to measure the gas supply. Offer: gave importance in clause 1.2. Ownership: the standing committee set out in the national retail agreement: the fee levied by the supplier for any incidental costs incurred by the supplier during a calendar month in relation to the contract. Supplier: Manx Gas Limited, a company registered on the Isle of Man with the company number 000721V, headquartered and main trading address is located at Murdoch House, South Quay, Douglas, Isle of Man, IM1 5PA.

Rates: The prices and fees of the supplier for the supply of gas (which are on the website and are advertised from time to time in local newspapers) changed from time to time in accordance with the provisions of the law. Website: www.manxgas.com. He said: “At the end of June, the company will be informed of the existing agreement. If a new voluntary agreement is reached, it goes back to January, otherwise legislation covering gas regulation will be put in place. A report by the main committee of ministers published last year concluded that this figure was too high – and that a new voluntary regulatory agreement needed to be “negotiated as a matter of urgency.”