MCESD to convene over international energy shocks

Social partners are set to be briefed on Malta’s action plan to cushion the blows of the ongoing international turbulence in the energy sector.

The social partners are set to convene a meeting of the Malta Council for Economic and Social Development (MCESD).

On Tuesday, government released a statement detailing a meeting between the prime minister and representatives from the energy sector. 

Prime Minister Robert Abela stated that government will continue protecting families and businesses through policies that ensure energy security and economic stability.

He noted that this is possible because the country has maintained strong public finances, which now allow government to continue offering guarantees of stable energy prices and certainty of supply.

Meanwhile, Energy Minister Miriam Dalli explained that the stability in Malta’s energy sector stems from hedging agreements with international banks, and storage plans.

“This means that while Maltese consumers are currently paying €1.34 per litre of petrol and €1.21 per litre of diesel, the average in the Eurozone is significantly higher: €1.95 per litre of petrol and €2.16 per litre of diesel.”

She also noted that Malta is the only European country that uses a hedging system for vehicle fuels, while Enemalta adopts a hedging system and ensures storage,” Minister Dalli reiterated.

Present at the meeting were Enemalta Executive Chairman Ing. Ryan Fava, Interconnect Malta CEO Ing. Ismail D’Amato, IESC Executive Chairman Ing. Johann Zammit, and Enemed Executive Chairman Kevin Chircop.