The Labour Party’s propaganda arm, ONE News, has announced, out of the blue that the government is making hedging agreements with “international banks” and securing fuel storage as part of international measures to guarantee fuel supply at stable prices in Malta.
The announcement was made in the backdrop of a fuel-shock in Europe. Separately, the Prime Minister made a different statement and said that he will be providing “technical details” to the MCESD next Friday.
The Labour government has never released details about its energy purchases via Enemalta, which is also structurally bankrupt without government subsidies. There were also no hedging agreements in place before the current crisis took place and hence why the government is forking out an additional €100 million in electricity and fuel subsidies. Hedging agreements would have averted the situation of having to fork out subsidies in the first place and potentially even leave you with a very decent profit.
The Labour government learnt nothing from the energy crisis of 2022 and keeps doing things by reverse.
The Prime Minister should also be pressed to provide full transparency about the current government’s agreements on electricity and energy purchases including those via Enemalta and its other entities. The government should not be allowed to keep fooling the people by saying that these agreements are “commercially sensitive” – they are not. European governments universally publish their data on energy and electricity purchases in full. By refusing to publish any details at all, the government is evading accountability over a policy that so far has cost the public treasury more than €1.5 billion in subsidies.
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