Kurt Sansone
Electricity tariffs set to rise unless global oil prices fall
Oil pumps in operation near Los Angeles, California. The US said it would release more oil from its reserves if necessary, after leading a global drawdown of 60 million barrels due to supply disruptions in the Middle East. Photo: AFP
Electricity bills may rise by 20 to 30 per cent next year if the state-owned energy company buys its oil requirements at current future prices, according to the Finance Ministry.
The situation may become more acute if Enemalta’s losses for this year, currently estimated at €35 million, are recouped from next year’s tariffs.
A spokesman for the Finance Ministry said oil prices have increased substantially over the benchmark on which this year’s tariffs were based.
He added that Enemalta has held back from hedging its fuel requirements for 2012 in the hope that future oil prices start to drop as analysts are predicting.
Enemalta has kept utility tariffs stable for the whole of 2011 as it did last year but the corporation only managed to lock 63 per cent of its oil purchases, with the rest being bought at spot market prices.
Asked why the corporation only hedged part of its oil purchases when it intended to keep tariffs unchanged, the spokesman defended Enemalta’s actions.
“There was no decision to ‘only’ hedge 63 per cent of 2011 oil requirements. Rather, market prices did not give Enemalta the right opportunity to hedge the total amount required since future prices were consistently higher than the targeted amount,” he said, explaining that hedging agreements for 2011 were reached last year.
This has resulted in an estimated loss of €35 million, which, however, the government hopes could be cut down if oil prices for the rest of the year drop.
The oil market has remained volatile, and during the past week prices fell nearly five per cent after the International Energy Agency said it will release 60 million barrels of oil from its reserves to make up for a loss of Libyan exports in global oil markets.
It is this downward trend that Enemalta is looking out for, but today’s prices are still higher than the $79 per barrel on which the tariffs had been worked out.
Hedging oil requirements for 2012 at this stage would still lead to substantially higher utility tariffs since futures (the future price of oil that is locked since companies also buy an insurance premium) are still around 30 per cent higher than the prices on which this year’s tariffs were based.
“The decision not to hedge for 2012 is not a gamble but a serious consideration that if taken now would require an increase in next year’s tariffs by 20 to 30 per cent,” the spokesman said.
He said that Enemalta’s risk management committee was being “prudent” and heeding the advice of international experts, who in the past weeks said there were indications that oil prices “may start to drop due to the sluggish US economy, the prolonged crisis in the EU and the end of quantitive easing (when central banks release more cash onto the markets) in the US”.
A decision to raise utility tariffs would have to be sanctioned by the Malta Resources Authority and consumers are currently paying the highest ever rates for water and electricity consumption.
The high bills have contributed to the erosion of household disposable income and are a major source of concern for families.
Last year, the government mitigated the high tariffs with a one-off bonus that cost the country some €10 million.
This was not repeated this year despite calls by the unions for families to be compensated for rising fuel and gas costs over and above the high utility tariffs.
The government is committed to seek stability in utility prices, even though this does not necessarily mean lower bills. According to the spokesman this can only be achieved if there is an underlying hedging arrangement.
“It is for this reason that the interconnector project is so important, as this will allow us to reduce a significant part of our dependence on the price of oil and purchase energy directly from the market,” he said.
The interconnector project is expected to come on stream in 2013 and will connect Malta to Sicily via an underwater electricity cable.
What is hedging?
Hedging is basically an insurance to lock future oil prices. Enemalta cannot purchase future fuels on spot prices, which reflect the current oil price.
The hedge is taken on the futures, but market volatility means that a hedge can turn out to be either beneficial or detrimental. If oil prices fall lower than the hedge price, Enemalta will have to pay to the bank the difference it could have saved.
What hedging definitely does is keep the price of oil purchases stable so that utility tariffs can be maintained at the same rate.
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Mr elton grech
Jun 27th 2011, 09:39
it's not even News anymore ...
Jonathan Camilleri
Jun 27th 2011, 07:03
Price of crude oil has been down lately.
Mr M Farrugia
Jun 27th 2011, 01:44
Hemm xi hadd jghid kemm inxtara fuel ghal Power station matul dawn l-ahhar hames snin sabiex inkunu nistaw naraw kemm gie iffrankat prodott bl-ekonomija li qed jaghmel il-poplu u anki bl-installazjoni tal-panelli ect, li kuljum niftahru bihom fuq il-media.
Claire Busuttil
Jun 27th 2011, 00:39
Really devastating for many families!!
Ms D Galea
Jun 26th 2011, 22:03
I am sure the energy bill rise will not present any problems to consumers so long as every worker oin Malta gets a weekly wage raise of 500 euros.
Adrian Said
Jun 26th 2011, 19:36
i dont think its fair that we have to suffer the burden because some unprofessional people took unwise decisions intentionally or unintentionally
Phil Humphries
Jun 26th 2011, 19:34
Bad news requires careful management ?
And what better than a warning of rising energy bills to deflect attention away from all the other issues that are causing the Government discomfort ?
Be careful what you wish for Joseph, or you might end up inheriting this mess while others enjoy an undeserved and well-pensioned retirement !
John Micallef
Jun 26th 2011, 18:20
Tiskanta kif min imexxi l-azzjendi tal gvern jiehdu il bonuses ghall-inefficjenzi. Il prezzijiet tad dawl u ilma originarjament kienu gholew ghax l-Enemalta kienet sejra lura. Qatt ma sar ezercizzju biex jaraw fejn qeda l-inefficcjenza. Jien ma nafx kif tghid li sejra lura ghax minn meta gholew it tariffi, l-Enemalta xtraqt hafna vannijiet godda. U tarafhom il vannijiet ta' l-enemalta gha x tahsibhom weqfin donnhom ma jixtiqux jaslu fid destinazzjoni li sejrin! Certu kritiki donnhom jimpalawha sewwa ghax ma jimporthomx jekk joghlewx it tariffi jew le. Min jaf forsi bhal parlementari, jithalsu talli ma jmorrux jaghmlu xogholhom!!
E. Azzopardi
Jun 26th 2011, 17:09
Good strategists are absent in our government.
M. Bezzina
Jun 26th 2011, 16:45
Ahh x gost!!!
Chris Mercieca
Jun 27th 2011, 09:46
Iva xi haga irid jivvinta biex jider helu ma nies imma s issa ghadu ma jafx x ha jaghmel!
Mr Alfred Cassar
Jun 26th 2011, 16:38
Issa sentejn ohra jitla Muscat u tghidx kemm se jorhsu l-kontijiet tad-dawl.... ghadu mhux cert jaghmilhomx b'xejn, se jghidilna gimgha qabel l-elezzjoni
Christian Abela
Jun 26th 2011, 18:00
:-) ... nicely said !!
A. Borg
Jun 26th 2011, 18:00
Imma l-Gvern tieghek zgur m'ghamilhomx b'xejn! Ara l-paga tieghu ta shabu biz-zieda li taw lilhom innisishom se jaghmlu tajjeb ghal dawn iz-zidiet imma taghna le,habib.
Tony Caruana
Jun 26th 2011, 15:39
L'aqwa li ghanda il fjuri mar rounabouts ! Hallija li gimgha jghamlu hajjin.
Mr Tony Camilleri
Jun 26th 2011, 15:57
Tony Caruana dawk qed jiswewlna xi 6 miljuni fis-sena u l-ħaddfiema mħallsin mill-Gvern.
Mr C Busuttil
Jun 26th 2011, 16:03
Le Giovan il-problema taf x'inhi li dan il-gvern issa tilef il-boxla ghax biex minghalik li il-poplu ha jibla liz-zejt ghola trid tassew tahseb lil maltin huma bla mohh. U bilhaqq nies konservattivi bhalek mhemmx posthom fil-partit ghax il-partit li konna nemmnu fieh tilef ruhu issa sar partit tal-liberali bla principji u kull fejn kien hemm il-liberali dizastru wara l-iehor ghamlu. Il-labour ta' l-inqas socjalist mhux liberali bla principji ta' xejn.
guido cutajar
Jun 26th 2011, 16:19
Mela tipo ta " Izra u rabbi " jew " Tad Dejma " jew " Ifrex u orqod " .....Mela dawk ma kienux spiccaw meta telaw tal P.Ne....????
Giov DeMartino
Jun 26th 2011, 15:37
It-Tort huwa kollu kemm hu ra' GonziPn. Haw taht ghandna tant professuri, professuri f'kollox, u kieku GonziPn jahtar wiehed minnhom biex jiehu hsieb iz-zejt kieku zgur illi l-problema jsolvih (problema maskil) f'hakka ta' ghajn.
A. Borg
Jun 26th 2011, 18:03
Imma biex ta zieda lilu u lil ta madwaru ma tantx kellu bzonn proffesuri habib!
Mr leo attard
Jun 26th 2011, 20:34
Giov,
when it comes to feathering their own nests, the PM has had absolutely no problem. In fact, i think they've done a one helluva job in ensuring their own personal, financial stability.... It's only when it comes to the common Joe's nest that the govt comes up with problems and excuses.... the PM was clairvoyant enough to see 'the dark clouds coming' and call for sacrifices on a widespread basis.... couldn't he be 'clairvoyant' enough to see the sun shine and make hay while it was shining...when oil was at a record low a few years back, he should've taken advantage (but at that time he was busy hedging his salary with honoraria
Philip Hili
Jun 27th 2011, 14:05
@ A. Borg
Sur Borg, taf li meta tirraguna hekk, bhat tfal, ikolli nasal ghal konkluzjoni li li kieku kelkom ftit zejt f'wicckom intom li tafu hafna, ftit ta, imqar QATRA, tigbruha lkoll, kieku ma kienx ikun hemm ghalfejn il-Gvern johrog il-licenzji ghat-thaffir taz-zejt madwar Malta ghax taghkom kien ikun bizzejjed biex tfornu lil Malta biz-zejt li ghanha bzonn!!!!!
Mr Daniel Jones
Jun 26th 2011, 15:16
Hang on, Oil prices have fallen. So is there something else they aren't telling us about?
It seems the decision to raise the prices has already been taken and they are preparing us for this new blow.
Phil Humphries
Jun 26th 2011, 19:07
Oil prices are falling and they are expected to do so (for a while at least) but the government is giving us this bad news now so that we don't start calling for a reduction in our energy bills later in the year.
I predict the Government will issue some good news about energy bills...................... just ahead of the election !
P. Zammit
Jun 26th 2011, 21:23
@ D.Jones ...you should update yourself before posting. The current price of electricity is based on a hedged oil price of 79 US$ / barrel. Today the price of oil is significantly higher .... so , if the price of oil does not fall further, electricity price is going to increase.
Mr Tony Camilleri
Jun 26th 2011, 15:12
Enjoy your last few months of envy for the workers GONEZI.
WE SHALL GIVE YOU THE ORDER OF THE BOOT AT THE NEXT GENERAL ELECTION WHICH IS LESS THAN TWO YEARS AWAY.
Mr C Busuttil
Jun 26th 2011, 15:12
oil is at it's lowest price for some time now. This is just deceiving tatics by a government who has hidden to us its pay raise. Pudina wara l-ohra, call an election and spare the country and the PN all the agony.
In 2 years the PN will be defeated however better now than later, as this government will continue to make a blunder after another it will only make things worse for the party. If the government will increase tariffs it would be a disaster as the country is already on its knees. This will be just a final push for lifelong voters of PN to vote labour ara fiex gibtuna!!!!!!
Austin Farrugia
Jun 26th 2011, 14:47
For the people who run enemalta and decide the tariffs. I feel like we're just being taken for one ride after
another to cover the cost can you pl. explain to all the people who have no trust in you PLEASE>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Austin Farrugia
Jun 26th 2011, 14:42
Dear Government
do not worry you had a E 500 rise so you can pay the difference the problem is the worker having only E1.16???????????????????????????????????????
Mr Matthew Grima
Jun 27th 2011, 17:32
Don't forget, ministers do not pay bills either.
C Muscat
Jun 26th 2011, 14:39
All we need is good management. We go green; we buy at the most advantageous rate and the costs will be 50% or less!!!!
Mr Stefan Kottmann-Soler
Jun 26th 2011, 17:28
I would love to see the maths, facts and figures here. Even I would like a 50% reduction.
Mr Joe Gatt
Jun 27th 2011, 01:45
Mr Stefan Kottmann-Soler
According to Mr Pawlu Aguis below, quote
`My panels are of rating 230W and multiplied by 8, I am currently generating about 11 units per day, which whey multiplied by 365 days should make at least about 3000units/year (considering shorter and cloundy days in winter). Should I make solar tracking, it could be that I generate 60% more, namely 4800units/year. If I add surrounding mirrors (at 45o angle) it is possible to double this amount (assuming they will not overheat), namely to 9000/year (see website of http://www.ws-energia.com/)`
Euro 100,000,000 Unnecessary New Parliament.
Euro 4,000,000 Useless Bridge from Nowhere to Nowhere.
Total Euro 104,000,000
Solar Panels Qty 8 Euro 6,000
Equates to approx. 17,334 Solar Installations @ 11 Units per day = avrg of 190,784 Unit per day.
For an enhanced units + 60% = 305,254 KWatts per day Green Energy.
Note- The Japanese will release on the Market, affordable enhanced Panels with Mirrors and Water Cooling/Water heating next August. This is to make up to the recent loss of their Nuclear Power Stations
Charles Sammut
Jun 26th 2011, 14:37
Wonderful news!! and Austin G.'s Power Station extension is to be running on oli!
We should make HIM pay the extra tariffs!!.....smoke without fire!!..
and the beat goes on...and the beat goes on.....
Mr John Montague
Jun 26th 2011, 13:20
You may all be misled, so here are some facts:
Crude is currently at its lowest price since Feb 18 and brent at its lowest since Feb 22.
You also need to know that Saudi stocks are up, reflecting global markets discontinuing nuclear programs and reverting to oil fired ones, at least in immediate terms.
Maybe a good time to hedge......
Mr Michael Galea
Jun 26th 2011, 13:04
What Planet Is the Government Living in ?????
http://www.timesofmalta.com/articles/view/20110623/world/world-oil-prices-fall-sharply.372096
this is from 3 days ago and from 2 days ago
http://www.timesofmalta.com/articles/view/20110624/world/Oil-price-falls-again-as-reserves-released.372161
Get Real PM
P. Zammit
Jun 27th 2011, 00:24
What Planet are YOU living in ??? Can't you understand that current electricity price is based on oil prices which were bought at 79 US$ / barrel ? ..and the link you posted indicates oil at 93 US$ / barrel ?
So difficult to understand ?
Mr A Vella
Jun 26th 2011, 12:20
Mr Anthony Mizzi, guido cutajar, Carmel Xuereb, Patrick Mulholland, Kev Samut, David Farrugia, et al. Since you are such experts, why don't you yourself hedge against the rise in your utility bills, I'm sure that given your expertise you are well into taking positions in futures, options and other exotic financial instruments. Guys, seriously, hedging is a very easy word to pronounce and sounds good and can impress in a conversation, but you have no idea of the sophistication of the industry. I suggest you try it for yourself, there are many online trading platforms that allow you to take significant positions in oil derivatives for just a couple of thousands euros with a click of a button, go on try it out.
What I'm really interested to know is who is taking these hedging decisions for enemalta? Maybe Kurt Sansone could make a more thorough investigation on the members of the risk management committee that are making these decisions are competent enough, its really hard to beat the huge investment banks in this game and outsourcing these decisions to them is the only way to go, or at least get started.
Mr Michael Galea
Jun 26th 2011, 13:02
@ Mr A Vella Read This:
"World oil prices fall sharply" 23-06-2011
http://www.timesofmalta.com/articles/view/20110623/world/world-oil-prices-fall-sharply.372096
Darren Muscat
Jun 26th 2011, 12:08
Bhal Grecja imissna naghmlu.
charles tabone
Jun 26th 2011, 12:06
The citizen is always left in the dark. But the common Ganni Borg has a right to ask: (1) Will there be a hedging agreement now that the price of oil is lower than the pre-election price; (2) Once Dr Austin Gatt declared solemnly that there were inefficiencies at Enamalta, may we ask if these have been overcome; (3) what extra cost controls are being conducted by Enemalta Board to eradicate waste and inefficieneies. Why keep these matters hush, hush?????? and present us with scary forecasts of increase in the price of enegy??????
Ian Vella
Jun 26th 2011, 11:51
Following the turmoil in Libya earlier this year, international experts started predicting higher oil prices, however the United States decided not to allow oil prices to climb further and this week decided to release 60 million barrels of crude oil from the emergency reserves. This in itself was a pre-emptive strike to safe-guard the fragile economy.
The US and the International Energy Agency are sending a clear message to the market that they are ready to act to maintain a lower oil price and won’t allow OPEC to keep dictating what oil prices should be.
Back to the local scene, all this means that oil prices are probably going to remain stable, if not lower than the present price. If the foreign exchange favours us also, there should be no reason why electricity bills shouldn’t remain stable next year too.
There are huge financial forces such as the US and the EIA who have made it clear that they will do whatever they can to keep oil prices low. Turmoil in developing countries such as China and India will mean a lower oil demand. It is my opinion that we should be quite confident that this time round OPEC will not manage to take the oil prices above the psychological threshold of the $100 soil again.
Ms Tanya Briffa
Jun 26th 2011, 11:10
U sadanittant il-ministru tal-ambjent jahli l-hin isebbah il-pjazez u t-toroq ta' tas-Sliema u johloq chaos shih fil-parking. Ghadna m'ahniex naraw triq cara lejn it-tnaqqis tad-dipendenza fuq il-fossil fuels. Studju wara l-iehor u xejn konkret. Taparsi sussidju lil numru ckejken ta' familji biex jixtru sistemi li hadd m'ghandu flus ghalihom ghax irridu nfaddluhom ghal meta jigi l-kont tad-dawl. Il-power stations inhalluhom imorru lura tant li jkollna naghmlu decizjonijiet ta' emergenza bla sens - aktar fossil fuels. U sadanittant il-poplu jgorr is-salib.
Ma nafx jien, nahseb veru kien hawn bzonn ta' elezzjoni bikrija.
Kenneth Galea
Jun 26th 2011, 13:22
Election is scheduled to take place in March 2013 whether you like it or not. Unless Malta is on par with Portugal, Spain and Greece then I would agree with you but we are not.
Whatever it is done, tgergir biss. If the roads are being built from scratch and repaired people are moaning about traffic congestion and this is for the benefit to all Maltese citizens.
Let's go back to the eighties era, that is what most of you seem to want. Some people have not moved on.
Mr C Busuttil
Jun 26th 2011, 14:47
Kenneth Galea
No I don't want the 80's back but in 2011 I want to lead a decent life while this government is squandering millions on useless projects like the removal of citygate or a roofless theatre. I have all the dam right to complain if this government has the money to finance stupid projects while it intends to raise tariffs on electricity. Bisazza str is another example of a useless project it was definitely not for the people of Sliema since Sliema has an overwhelming old population and most of them can hardly even walk it to Bisazza str.
Even the labour gov of the 80's didn't have the arrogance to give themselves a pay raise such as the one done by the present government.
However since you mentioned the 80's yes there's a resemblence you can feel that same atmosphere that the country is looking forward to make a change. As a lifelong PN voter I will not vote for my party this time nor for labour however if the tariffs are increased I will have no doubts and vote labour.
Mr Pawlu Agius
Jun 26th 2011, 10:28
Not able to harvest solar energy is another good reason for one to avoid buying the garbage of apartments produced by local speculators. Buying such rubbish, makes one accomplice in indirectly sponsoring the destruction of our environment and rural heritage.
I had recently installed some 8 solar panels and was about to invest further by making them solar tracking, only to be informed that if I generate more than 4800 units per year, I would be paid 11c for the extra, instead of 25c. This is not to mention many like me who finished putting many kWhr units into Enemalta grid till the dispute with the GWU was resolved and finished without any compensation (even if the inverter contains a history of the generated units).
May I ask Enemalta in case they decide to increase the W&E bills: will they increase the amount of 25c they currently pay for each kWhr generated?
Joseph Borg
Jun 26th 2011, 11:41
Tinkwitax habib ghax bi tminn pannelli qatt mint ser tggenera 4800 units, l-anqas 3000 u naf x`qed nghid.
Joseph Borg
Jun 26th 2011, 11:43
Tithallas bi 25c sa 3000 units fis-sena.
Joseph Borg
Jun 26th 2011, 11:49
Il-prezz ta`25c (Malta) (28c Ghawdwx) iggenerat mill PV ghall 3000 units fis-sena huma garantit ghall 8 snin, irrelavanti x`jigri mill prezzijiet futuri, l-fuq u l-isfel.
Mr Pawlu Agius
Jun 26th 2011, 12:14
From Enemalta website: http://www.enemalta.com.mt/index.aspx?cat=7&art=16
" As regards the FIT, the rate applicable for the 2010 call for applications was that of €0.25 for Malta and €0.28 for Gozo.
The FIT for this scheme is guaranteed for 8 years and the maximum export at the FIT is 4800kWhr/year. Any excess electricity produced will then be paid at the marginal cost of electricity (the marginal cost for 2010 was that of 0.11€/kWh)."
My panels are of rating 230W and multiplied by 8, I am currently generating about 11 units per day, which whey multiplied by 365 days should make at least about 3000units/year (considering shorter and cloundy days in winter). Should I make solar tracking, it could be that I generate 60% more, namely 4800units/year. If I add surrounding mirrors (at 45o angle) it is possible to double this amount (assuming they will not overheat), namely to 9000/year (see website of http://www.ws-energia.com/)
David Farrugia
Jun 26th 2011, 10:21
Bristish Airways and a major utility firm in The Netherlands hedge on oil. My sister who lived in Holland since 1988 tells me that the utility company gives the opportunity to all its customers to hedge oil for themselves, each house. That what I call transparency!!
Lela Balzan
Jun 26th 2011, 10:14
Dear Government you are asking for trouble.
Mr Anthony Mizzi
Jun 26th 2011, 10:10
Electricity tariffs set to rise ...due to incmpetents without foresight!
Mr Jimmy Magro
Jun 26th 2011, 09:58
1. do we have a regulator for the energy sector?
2. the article asks: what is hedging? I ask what is politiclicking? The Times have started a precedent by making stories built around a spokeperson. This is a travesty of the truth as governments are hiding behind these spokeperson and the real culprits are not being made accountable and transparent. As far as I know Ministries and Government entities have Ministers, CEO's, Communications Directors, and other highly paid sitting-pretty-officers, and these should be quoted by names and not hide behind a bullet proof shield afforded by the local media, led by The Times.
3. I cannot understand how the people of Malta remain so obedient servants to authorities and do not question their actions, management styles, accountability, responsibility, transparency etc. These are persons that are paid by our taxes and whether you are red, blue, green or black we should be able to call on those in power to address the people face to face and not behind a bullet proof shield.
4. When people start accepting these undemocratic and shameful tactics, those in power will continue to bulldoze the taxpayers into the abyss of hell and fire.
5. I ask another question: Where are those institutions that are there to protect the citizens from unfair competition, illegal trading, inefficient use of resources, stupid policies and purchasing, closed door dealings, unaccountable practices, discrimination, and other practices that should not be accepted in a vibrant demcracy in 2011.
6. I ask those that have the power to voice their opinion to deal with these issues as these are more relevant and importance than whether divorce should be approved now or after the general election. These are all moral isues that needs the attention of those blessed moral leaders of this small country.
Mr Joe Gatt
Jun 26th 2011, 09:51
With the present Situation, I say,
SCRAP the Piano Roofless Theater,
SCRAP the Euro 100,000,000 useless New Parliament Building,
SCRAP the Euro 4,000,000 White Elephant Bridge from Nowhere to Nowhere - and
STOP your GREED
SUBSIDIZE Solar Panels - Produce cheaper Energy, Rely less on FOSSIL fuels,
STOP wasting our resources, INVEST wisely, our Children`s FUTURE
GO GREEN,.......That is the WAY FORWARD.......That is MALTA`s FUTURE
j camilleri
Jun 26th 2011, 09:46
This country is in such a sorry state because you helped them with your own votes to keep on cheating your pockets. Enjoy now !
guido cutajar
Jun 26th 2011, 09:36
Dear government......Everybody can administrate by using the strategy that you are using. Every time there will be a raise in oil prices, you cut a straight line and put the burden on us, it is very simple to govern like this.Using this system, I believe that we do not need a government at all, especially taking the consideration of giving yourself a hefty raise of 500 euros. If you are a responsible government, the first thing you should do is lift the weight yourself, by stop wasting our money on foolish projects,which we are not going to benefit from ( financially ).Such as The Piano/GonziP.N. Valletta project, The Barrakka lift, the Breakwater, ect...ect...Laying off 700 AirMalta employees is a rubbish certificate of your administration, like the others. And of course you did not find a " cuc Malti " to put all those families in this limbo situation.You had to bring foreigners for this heart breaking situation. SHAME ON YOU
Mr jason mallia
Jun 26th 2011, 09:29
dak Management tajjeb..........Il ministru ( li falla f kollox ) qal "jekk joghla z zejt ..........joghola d Dawl " . Suppost li bhala Kabinett tiehdu l mizuri neccessarji ( jekk Tafu ) biex tanticipaw certi sitwazzjonijiet . li tghollu d dawl ghax ghola min barra , dik jaf jaghmila kulhadd. Dik Tmexxija !!
eh bil haqq bilfors joghola d dawl ......ghax il pagi gholew b €500 fil gimgha !!
J. Schembri
Jun 26th 2011, 09:57
Gherf tas-salamun tal Bott.
Hawn xi hadd jaf x’se jigri nhar it-tnejn u l-konsegwenzi ta’ wara?
Jekk joghla z-zejt u jinzel il-kont tad-dawl nispiccaw bhal-Griegi.
Victor Rodenas
Jun 26th 2011, 09:23
`what goes up must go down`,.....was oil too, intented in this saying? :-)
Mrs Alice Lodge
Jun 26th 2011, 10:45
As I live in another country I'm not personally affected but I would certainly lose confidence in a company that did not check how the word would sound as it's read. Couldn't anyone see how ridiculous it looks? comical really, reminds one of some medical emergency!! If they had spelt the company name with a capital E and capital M......EneMalta, well now that's a different ballgame.
Elaine Compagno
Jun 26th 2011, 09:20
But just this week on foreign news I heard that oil prices were hitting a low! I've lost all faith in the people who run enemalta and decide the tariffs. I feel like we're just being taken for one ride after another to cover the expense losses of incompetent and bad decision making.
Reuben Abela
Jun 26th 2011, 10:37
i can assure you the trend for the last 2 years was that the price of oil is going up, maybe the "low" you heard about is the lowest since april this year....
here's a graph i just drawn of the oil price history
http://img225.imageshack.us/img225/9193/oilo.png
J. Schembri
Jun 26th 2011, 17:08
She heard it at the grocery store, and the oil was sunflower oil maybe.
Elaine Compagno
Jun 26th 2011, 21:47
Very funny J. Schembri.
http://www.reuters.com/article/2011/06/23/us-markets-oil-idUSTRE7592LE20110623
Mr john vella
Jun 26th 2011, 09:08
WOOPPIE! So the minister advice us that the price of electricity bill may go up by 20 to 30 per cent!
As Lorry used to say to Hardie: "You see what a fine mess you got me into this time!" How will I manage with 20 per cent increase and the increase with medical items on a retired pension? I forgot we got 1 euro 16 cents!
That is nice. I hope all those kind heart who are in front calling on US to give equal rights to all those new comers to see that all pay like US for the same service. (US, is referred to be long time born residents)
j brincat
Jun 26th 2011, 08:54
Gross incompetence and the people are made to pay through their mouths.
The ministers would not have any problems paying for higher utility bills as they can easily afford it from the weekly €500 pay rise!
Would next year increase still be a meagre €1.16?
(jb)
Mr Anthony Mifsud
Jun 26th 2011, 09:57
prices go only up, not down in this country!
joseph alamango
Jun 26th 2011, 08:16
What if the oil price goes down like it is doing actually. What price are we going to pay
Carmel Xuereb
Jun 26th 2011, 09:08
Mela ma tafx li t-telf (tberbieq) ta' flus ta'din is-sena rridu nhalushom jiena u inti, mhux hekk jaghmel l-Ministru Tonio ma jmurx irrahhaslek il-kontijiet lanqas jekk barmil zejt jig $50 ma jrahhas iz-zejt ghax inkella ma jibqax flus bies hu u shabu jiehud €500 kull gimgha. Ara lil dawk Dan l-gharef Ministru ma jghidilhomx CWIEC MALTIN ghax vera mhumiex CWIEC. Cwiec jiena u inti li noqghodu ghad-daqqiet li qed ifajrulan bil-prezzijiet gholjin ta' kollox, dawl, ilma, petrol, diesel, gass, gholi tal-hajja u issa biex tghaxxaqha anke l-prezzijiet tal-karozzi tal-linja ta' l-Arriva ser ikunu mas-sema. Ara kif nistghu nkampaw ahna li ghandna paga minima jew penzjonanti f'din is-sitwazzjoni.
Kev Samut
Jun 26th 2011, 09:22
They already said this (see below pls)so water and electricity will never go down,they got the ball in their own hands my friend.
"The situation may become more acute if Enemalta’s losses for this year, currently estimated at €35 million, are recouped from next year’s tariffs."
Patrick Mulholland
Jun 26th 2011, 09:29
We pay the price for incompetent managers and puppets!!
Joseph Borg
Jun 26th 2011, 11:31
F`pajjizna ma jezistix DOWN my friend, UP and UP biss ghalina l-fidili.