Enemalta has informed the Malta Resources Authority that has started an internal exercise for a revision of the electricity tariffs.

In its letter to the MRA, Enemalta said:

"Following the closure of the first month of the new financial year, Enemalta Corporation has indications that its projected total expense for 2009 will probably vary from budget by 15% or slightly less. This tendency needs to be confirmed in February but market condition for oil, even considering futures and hedged positions - which is the primary driver of the budget - seem to indicate that this is a distinct possibility.

"Consequently, as is its declared policy when such variance occurs, I am advising the Authority that Enemalta Corporation has started an internal exercise that should lead to Enemalta submitting to the Authority - in terms of article 20(1) of the Electricity Regulations - a proposal concerning tariffs for the supply of electricity for the approval of the Authority in terms of said article.

"I expect Enemalta to be able to do so not later than the second week of March 2009."

The letter was signed by Karl Camilleri, Enemalta CEO.