Muscat praises Enemalta turnaround

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Prime Minister Joseph Muscat has described Enemalta as a “shining example” of a failing company being turned around into a crucial cog for the Maltese economy.

He was visiting the Marsa power station where he thanked the corporation’s employees for their work, and reiterated his commitment to have their jobs and conditions guaranteed.

Enemalta has concluded a €320 million deal that sold off a 33% stake to Shanghai Electric Power, a Chinese government-owned firm.

“Saving Enemalta under the previous administration would have been impossible, we would have had another Malta Drydocks scenario,” he said, referring to a €700 million bailout under the Nationalist government and the subsequent privatisation of the drydocks.

Muscat also set much store in Enemalta’s improved credit rating, and Malta’s deficit being taken under control and under the 3% of GDP deficit ceiling set by the Maastricht criteria. “This is an indication of the government’s sound spending, all whilst having reduced energy tariffs and income tax.”

Muscat said his government aimed at turning Malta into an energy exporter through the involvement of Shanghai Electric Power, and that there would be opportunities for Enemalta’s employees to experience global opportunities for work.