News | Wednesday, 16 December 2009

Enemalta to appeal as MRA slashes revenue by €7.29 million

Enemalta has reserved the right to appeal on the conclusions reached by MRA when considering the new power tariffs. It Has come to light that MRA reduced the revenue amount proposed by Enemalta by €7.29 million.
The authority said that adjustments should be incorporated in the Enemalta financials to reflect certain recoveries both in cost and revenues which occurred this year.
The corporation had requested that variable target revenue be increased from €254.1 million to €333.30 million but the resources watchdog concluded that the total claim should be reduced by €7.29 million.
According to MRA officials, the decision to reduce Enemalta’s revenue proposal was based on the power tariffs for major commercial and residential consumers. Detailed calculations revealed that lower end scale users were already calculated in the original proposal.
While trade unions lambasted government for the announced tariffs, the Labour spokesman on the economy, Gavin Gulia labeled the new tariffs as “a savage blow to the economy and to businesses.”
Gulia stressed that the new tariffs would mean an increase of 20 per cent in the bills which would have to be borne by businesses, at a time when the economy had shrunk by 2 per cent and was facing major competitiveness problems.

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