Its critical infrastructure services are provided to long-standing customers.
IEG is playing a key part in the carbon neutral energy transition through the conversion of oil customers to gas, particularly commercial customers. It is committed to helping all three islands achieve net zero by 2050.
Ancala invested in the business in 2016. We sourced the opportunity through our insight into the objectives of the vendor and our experience and knowledge of the sector.
Since our investment, the business has generated stable and predictable revenues. During our ownership, we have worked closely with the regulator in the Isle of Man to shape and implement formal regulation which came into effect on 1st April 2023. Ancala has made significant investment into mains replacement to ensure the network is in good condition and is hydrogen ready. The business is becoming an energy-as-a-service provider with new product offerings to optimise energy efficiency across the islands, not just for gas customers.