Tag: Energy
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An update on Miriam Dalli’s gas trade
Despite the fact that Minister for Finance has been constantly harping about cutting back government expenditure and being prudent, Miriam Dalli’s Ministry for Energy announced last year a very horrible gas purchase deal whereby the government started buying gas pegged with the price changes of oil instead of those with the actual price of gas.…
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EU with sticky inflation and Malta’s inflation at 7% in February
Inflation in Europe is sticky with the February average at 8.5%. Note that Malta’s inflation rate is at 7% because of subsidies on electricity bills offsetting the premium being paid by the Maltese government over its energy supplies. I don’t have the time to do the maths, but if you remove the electricity bills subsidies…
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€1 billion in energy subsidies in 2022
Yesterday, Prime Minister Robert Abela reiterated that the government has spent €1 billion in energy subsidies in 2022 to keep domestic electricity prices from going up. Abela wants people to believe that the government is burning our taxes to save us from external crises, only that these external crises are exacerbated by Labour’s amateurish way…
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Let’s talk about Nord Stream
Apparently, there’s a lot of talk by the pro-Russian propagandists that Europeans are ashamed of speaking about Nord Stream given they don’t want to admit that Europe is a vassal of the US. This is a very convenient way of psychologically trying to drive a wedge between the Atlantic alliance. The narrative that Europe is…
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Prosit Ministru
It’s ironic that the Labour Party used to make fun of the Nationalist government for recommending citizens use their washing machines during the night when electricity prices were cheaper, and Miriam Dalli is today, forced to keep the public street lights switched off during the night because of her and the government’s crass mismanagement? Prosit…
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Malta is set lose hundreds of millions of Euros on its gas purchases
This screenshot was doing the rounds on Twitter in the morning but I could not confirm it until I had access to the terminal thanks to a friend of mine. The European gas price has gone negative today as gas-laden ships are anchored outside Spain with no one wanting to buy their supply. The chart…
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Miriam Dalli’s energy trade goes in the red
Miriam Dalli’s unhedged and naked purchase of gas indexed at oil market prices is in the red compared to US Natural Gas futures. The last update is here. Price comparisons are dated as of April 12th. Brent Crude: -15% Natural Gas (US): -26% Natura Gas (Dutch EU): +12% Gas storage in Europe is full and…
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Update on Miriam Dalli’s energy trade
Last April, after severe public pressure, Energy Minister, Miriam Dalli revealed that the government is buying gas against price changes linked to the oil price. It’s not a hedging contract and as I explained the government is not hedged on its energy trade. The minister didn’t provide any other details. This is how major gas…
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Don’t expect Western leaders to learn any lessons
I’m incredibly surprised at the inability of humans to learn from their past mistakes, or to put it more literally, to learn from history. We have been in a very similar situation to what we are in today in terms of global economic headwinds, yet it seems that many Western leaders have learned nothing and…
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Bloomberg reveals Miriam’s State Secret
Yesterday, a Bloomberg journalist Tweeted a map showing electricity prices in Europe that was originally sourced from the European Association for the Cooperation of Transmission System Operators. It was the first time that many of us Maltese had a glimpse of how much our government is purchasing electricity from its corrupt contracts namely Electrogas and…
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Germany should not be allowed to drag Europe down with it
The Germans are currently on a mission to drag themselves into an abyss, and the problem is they want to drag all of Europe down with them. The Germans want Europe to bail them out by imposing a minimum of 15% gas reduction. The Spanish Minister of Energy, Teresa Ribera replied to the German proposal…
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Germany keeps lying while dragging Europe into the gutter
Germany is dragging Europe into the gutter with lies and stubborn ignorance during these testing times. The Euro went below Dollar parity last week and the European Central Bank has very few tools available to address the situation. The Euro’s pain is mainly coming from inflation and structural economic issues, namely the European energy crisis.…