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Updated: Government to absorb some of Enemalta's costs - will not raise tariffs

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UPDATED - Adds Labour's reaction - The government intends to absorb some of Enemalta's costs but is not planning to raise electricity tariffs, Finance Minister Tonio Fenech said this afternoon. Speaking after the corporation was downgraded by Standard and Poor's yesterday - for the second time in 13 months - the minister said an exercise has started to see which of Enemalta's non-core costs may be absorbed by the government.  For example, he said, people who generated their own electricity through photovoltaic panels currently sold it to Enemalta. This electricity would now be bought by the government. Furthermore, Enemalta currently absorbed the discount, known as the eco-reduction, given to consumers who saved electricity. That cost too could be borne by the government. These two items alone cost Enemalta €25m a year, the minister said. The minister said yesterday's downgrade was mainly influenced by rising oil prices which had hit $125 a barrel and were likely to rise even further. Enemalta is this year expected to make a loss of some €50m. RESTRUCTURING PLAN He said the corporation was currently...

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