I refer to Minister Austin Gatt's Unsustainable Arguments since I am mentioned in his dispatch.
Dr Gatt states once again that Enemalta last year (2008) made a profit on hedging of €10 million.
Not so. According to figures published by Enemalta itself, hedging in 2008 produced a profit €3.48 million. Dr Gatt has apparently added a "profit" in hedging of 2007 (€6.9 million) to reach his €10 million figure.
I must say rather a novel way of accounting!
If we were to use this creative method of accounting then we should be adding the figures of January and February 2009 to be consistent. This would show clear "losses" in hedging and we could say bad hedging decisions Mathematics has no colour in my political retina.