PRESS RELEASE ISSUED BY THE MINISTER WITHIN THE OFFICE OF THE PRIME MINISTER: Enemalta – From a risk to the economy to a major contributor to economic growth

The report published today on The Sunday Times of Malta is misleading. Over the last three and a half years Enemalta has been transformed from a state owned corporation into a forward looking public limited company.

The company has reduced its debt by half, improved financial performance, partnered with Electrogas and Shanghai Electric Power to invest in a new gas to power infrastructure, obtained permits and constructed the interconnector, and invested Euros 80 million in distribution. The company has also restructured its operations.

The turnaround was lauded by credit rating agencies with positive outlooks and repeated upgrades and also by the European Commission.

As Enemalta now started producing power from gas, it looks forward to sustain tariff reductions in the long term and also make fair profits.

Enemalta will also accelerate efforts to decommission Marsa Power Station and Delimara 1.

Enemalta is no longer a major risk for our economy but is now a major contributor to economic growth, socially fair tariffs and a cleaner environment.

Source: Government of Malta