Decision on revised power rates next week

The Malta Resources Authority is close to concluding its verification of the latest electricity rates proposed by Enemalta.

A spokesman for the MRA said it would make its findings public next week even though she would not say whether the proposed tariffs would be approved.

Although the new, revised tariffs should have come into effect on April 1, the proposals are still being verified.

The spokesman pointed out that the MRA was only reviewing the energy tariffs. The water tariffs would remain the same as those established last year because the cost base for water production had remained practically unchanged.

The MRA was not involved at all when the first set of tariffs were drawn up in October but it is now fulfilling its function of regulating the tariff structure by examining the fresh proposals following criticism against its previous lack of involvement.

It is not known whether the new tariffs, if approved, will be introduced retroactively from April 1 although it appears likely.

Bills for the vast majority of households should drop by about a quarter, according to figures given by Infrastructure Minister Austin Gatt when he launched the new tariffs last month.

Rates will remain unchanged for properties with no registered inhabitants, including garages and common areas in apartment blocks.

On the commercial front, nearly nine in 10 businesses, which use less than 20,000 units of electricity a year, can expect to see an almost 30 per cent reduction in their bill.

Enemalta's costs have fallen by almost 17 per cent since October, with the biggest contributing factor being the price of oil.

As a result, the corporation's total costs to be recouped from consumers now stand at €254.2 million, down from the €305.1 million projected last December.