Ayre MHK Eddie Teare has announced he will stand down as Chairman of the Manx Electricity Authority at the end of the month, after two and a half years in the position.
Eddie Lowey, MLC, currently Mr Teare's deputy, will take over until a new chairman is appointed.
In Tynwald today Mr Teare (pictured) said, despite rising energy costs, the MEA had managed to claw back ?15.8 million during his tenure.
He told members he was confident the authority would eventually get back on track financially:
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