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The Maltese Herald

Miriam Dalli’s energy trades will soon cost the taxpayer €1 billion

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by

Mark Camilleri
in

The government will be issuing yet another €350 million for next year to cover energy subsidies, namely electricity-bill subsidies that offset high energy prices. This is mainly a situation of Miriam Dalli’s own doing whose gas trade, pegged with oil price increases has lost the taxpayer hundreds of millions of Euros. Even early this year, Miriam Dalli kept hoping that her trade was to go green – it didn’t.

Since Miriam Dalli made her so-called “hedge” (it isn’t) in April 2022, pegging future gas purchases with oil price changes instead of gas price changes, the price of oil fell by 12% while the price of gas fell by 58%. The difference is massive and the trading loss is huge. Enemalta and its related companies are also losing money on hedges and derivates. It’s a total mess.

Miriam Dalli is probably the worst and most incompetent minister in our political history and she has the gall to campaign for the Labour leadership.

Comments

  1. Miriam Dalli wants to buy a turbine from the Chinese for ?40 million – Mark Camilleri avatar
    Miriam Dalli wants to buy a turbine from the Chinese for ?40 million – Mark Camilleri

    […] has made bad decisions that have cost the country hundreds of millions of Euros starting from her gas purchases at premium prices and ending with the lack of upgrade and maintenance to the distribution system which led to […]

    Reply
  2. Finance Minister Clyde Caruana confirms that importers are hiking prices excessively through monopoly power – Mark Camilleri avatar
    Finance Minister Clyde Caruana confirms that importers are hiking prices excessively through monopoly power – Mark Camilleri

    […] The Minister also confirmed he will be trimming some of the budget of some ministries and entities but gross government expenditure may remain the same partly buoyed by the excessive spending by the Miriam Dalli’s Ministry of Energy in gas purchases at premium prices. […]

    Reply
  3. Gas prices are surging and Miriam Dalli’s trade is still in the red – Mark Camilleri avatar
    Gas prices are surging and Miriam Dalli’s trade is still in the red – Mark Camilleri

    […] the sake of my country I had hoped I was to be finally proved wrong on Miriam Dalli’s horrible gas trade when yesterday during the morning, gas prices surged around 15% higher. Miriam Dalli’s gas […]

    Reply
  4. A summary of the Maltese government’s gas trade – Mark Camilleri avatar
    A summary of the Maltese government’s gas trade – Mark Camilleri

    […] the amounts look low and therefore my previous estimates of the loss incurred on the purchases are too high. This also clearly means that most of Malta’s electricity is brought via the interconnector […]

    Reply

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