A Norwegian company is promising the "cleanest energy for the best price" if government accepts its proposal to build a power plant that works on coal and biomass.
The innovative aspect of the plant is its ability to capture carbon dioxide in pressurised containers for eventual storage in depleted Danish oil fields in the north sea.
This means no CO2 is emitted in the atmosphere.
The company, Sargas, insists that power bills for consumers could be halved when compared to the prices currently paid for electricity generated by the Delimara plant and the proposed interconnector to Sicily.
However, company officials were reluctant to guarantee the low price for the long term since this depended on the type of lease or purchase agreement reached with government.
Details for the proposal were presented to a wide ranging audience this morning that included politicians, Enemalta's newly appointed chief executive and other senior management officials, environmentalists and businessmen.
The PL was represented by its spokesmen Leo Brincat, Joe Mizzi and Everist Bartolo while PN backbencher Jesmond Mugliett was also present for the presentation.
No government officials were present.
The Norwegian company was at the centre of political controversy over the past few weeks after the PL accused the government of ignoring the proposal when it was made 18 months ago after EU commissioner John Dalli put Sargas in touch with the administration.
Speaking in Parliament on Wednesday, PM Gonzi hinted at the change in attitude and said that a technical team was evaluating the proposal.
Sargas chief executive Henrik Fleischer said the company prepared a pre-feasibility study that it discussed with Enemalta and was waiting for government's nod to a full feasibility study.
Sargas is insisting the plant, which has a potential of producing between 180 megawatts and 360 megawatts of electricity will reduce the cost of energy for consumers by half and its carbon capture technology will result in Malta reducing its carbon footprint in line with EU emissions directive.
The plant will burn "a paste of coal and biomass".
According to company officials a similar plant in Stockholm currently burns such fuel that includes a 32 per cent mix of olive pits from Greece.
During a technical presentation Sargas business development director Martin Roden repeatedly said that the technology was not new.
"It is proven technology," he reiterated in an obvious jibe at the Delimara power station extension that will start operating next year and which is based on prototype technology.
Partnering with Korean Shipbuilding company Daewoo and American Infrastructural works giant SNC, Lavellin (This company is also part of the private consortium that runs MIA).
Sargas says the plant will be built in Korea on shipped to Malta on a barge. It will eventually be dry-docked metres away from the existing Delimara power station. The company said that if feasibility studies started now it would be able to deliver the plant by 2016.