The water and electricity reductions for businesses which come into effect today will save businesses €50 million per year, Energy Minister Konrad Mizzi said today.
Speaking during a visit to Actavis in Bulebel, Dr Mizzi said the savings, on top of the €30 million savings already given to families would see €80 million being invested back into the economy.
The electricity bills will see a reduction of 25 per cent, water bill of five per cent.
Activis said that as a result of the reductions, it will be saving €750,000 per year.
It said it would use this money in investment in new machinery, training of employees, energy efficiency and alternative energy sources.