The Manx Elecricity Authority is reporting a successful trading year in the twelve months to March 31, during which it exceeded its financial targets.

That was despite there being no increase in demand for electricity, and a slightly reduced turnover of ?74.6 million.

The annual report and accounts, which will go before Tynwald this month, show support from government in relation to the ?120 million unauthorised loan was down ?3.5 million from the previous year.

And interest charges under the Tynwald backed recovery plan to repay the loan were down ?800,000 to ?19 million.

The electricity supply business contributed ?65 million to the ?74 million turnover, which was a slight increase on the 2008-2009 figure.

Operating costs, at ?66 million, were down ?22 million, although that was mainly down to some exceptional items which were included in the 2008-2009 accounts.

The figures show operating costs for electricity supply in 2009-2010 accounted for ?57 million, down ?20 million.

The resulting deficit was ?5.6 million, well down on the figure of ?24 million pounds for the previous year.

MEA chairman Quintin Gill MHK is thanking staff for their efforts, but says the authority faces many challenges ahead.