[WATCH] Utility bill reductions will save Freeport €800,000

Utility bill reductions will save Freeport €800,000 • Video by Ray Attard

Parliamentary Secretary Jose Herrera addressed the press at the Freeport today, announcing that thanks to the new utility bill deductions for businesses, the Freeport will save around €800,000.

Herrera explained that the Freeport was one of the biggest consumers of electricity on the island due to the extensive use of machinery, including those used for temperature control in containers that required it.

"Last year the Freeport used over 23 million kW of electricity, adding up to over €3 million in bills," he explained.

Herrera said that the 25% reduction in electricity bills and 5% reduction on water bills was one of the budgetary measures that would ensure more competitiveness and a stronger economy for the country.

"The government has reacted to the needs of both private families and businesses, and the bill reductions will serve as an economic injection of around €80 million to the country," Herrera said.

He reiterated that these bill reductions were aimed to incentivise business investment and growth, and also to give more economic power to families.

"The Malta Freeport is the third strongest port in the Mediterranean and this government is working hard to strengthen operations within it," Herrera added, explaining that the Freeport had become a Mediterranean centre for shipping alliances Ocean 3 and 2M.

Ocean 3 is made up of CMA CGM, UASC and CSCL, whereas 2M is made up of Maersk line and MSC.

"All the lines present at the freeport are among the strongest on the industry and they allow Maltese businesses to benefit from 128 ports worldwide."

Herrera added that the Freeport was currently undergoing heavy infrastructural work including a 360-metre rail extension and the development of 30,000 square metres of land for container storage, which started this week.

"There is also more investment in machinery," Herrera said, explaining that four new cranes, which can carry 25 containers side by side, were expected to arrive in September.

"The company is also investing in more training programs for employees in various sectors including technology, all of which aim to increase productivity and efficiency in the freeport's operations," Herrera added