The Council of Ministers has agreed short-term financial support for the Manx Electricity Authority to shield businesses and households against proposed increases in electricity bills over the next two years. The package of measures, comprising capital advances and relief from loan interest charges, will protect consumers during a period of spiralling global fuel costs and allow time for the MEA and Government to work together on longer-term solutions. The move was recommended by a working group set up by the Council of Ministers amid concern over the effect of increasing energy prices on Island businesses. Chaired by Economic Development Minister Allan Bell MHK, the working group also included MEA Chairman Quintin Gill MHK, Treasury Minister Anne Craine MHK, Infrastructure Minister Phil Gawne MHK and Minister for Education and Children Eddie Teare MHK. Minister Bell explained: ‘My Department has had concerns for some time now over the impact of rising fuel bills on local businesses and the implications of that for the Island’s economy. This holding measure agreed with the MEA will at least provide some reassurance and stability for businesses, and indeed for households, over the next two years. ‘In the meantime the Department of Economic Development will be stepping up its promotion of existing schemes, including capital grant support, to help companies such as manufacturers achieve greater energy efficiency.’ Chair of the Manx Electricity Authority, Mr Quintin Gill MHK stated: ‘The MEA is doing all it can to minimise costs but is unable to control or influence global energy prices and is pleased to be working closely with Government departments to protect our customers.’ The Government’s package of financial support for the MEA over the next 2 years comprises relief from interest charges, financed from internal sources, worth ?7.9 million in total and additional capital advances totalling ?6.6 million. Without this support the MEA would have had to increase electricity prices by approximately 10 per cent over the period to 2013. Ends