Residents of Sark will not face electricity price increases this month.
In a letter, Sark Electricity Ltd's director David Gordon-Brown says the rise will be put on hold while talks continue over a so-called 'Bailiwick option' of selling the company to Guernsey Electricity.
Mr Gordon-Brown said the idea had 'near unanimous consensus' among residents and that the company would make a 'gesture of good faith' while it and Conseillers on the island worked towards a deal.
As the Conseillers that committed to pursue the Bailiwick option have kept to their word and begun this process, we are hopeful that we will now be able to avoid the legal costs escalating any further. Because of this, we have decided to make a gesture of good faith by holding the price increase for another month.
The company has been locked in a stand-off with islanders over the cost of electricity, with 98 islanders signing a letter to say they refuse to pay 'excessive' charges put forward by the company.
However, Mr Gordon-Brown says that this move would help bring down the cost for consumers.
Not only would the Bailiwick option put the company in the hands of experienced, competent people, it also would provide regulation under Guernsey’s current regulation laws which would not cost the consumers nearly as much as they were put in place in Guernsey after they experienced that same problem of excessive costs when they had a similar regulation law to ours.