The Prime Minister has urged the Malta Resources Authority to conclude the revision of the new electricity rates as soon as possible for the sake of stability.

Speaking in the wake of a summit, which discussed the economic situation in the EU, he emphasised that the health of Malta's economy depended on stability.

"We don't want to interfere in the independent exercise the authority is carrying out and we are in favour of it being performed in the most professional way. At the same time, the government would like to see this exercise concluded as soon as possible so that everyone can make his plans according to the new tariffs."

The MRA has so far spent more than a month analysing Enemalta's proposed energy tariffs, due to come into force on January 1, and it is not yet known when the exercise is to be concluded.

Enemalta and the Water Services Corporation are not allowed to announce the proposed rates, on the authority's instructions.

A spokesman for the authority said recently the evaluation pro-cess was still going on and no deadline had been set for any announcement to be made.

In the past, it has taken the MRA several weeks to approve the public utility companies' tariff revisions. Last year, tariffs introduced on April 1 were published by Enemalta in March and only approved by the authority in May.

The Infrastructure Ministry has justified the January 1 increase on the basis of higher operating costs, primarily the rise in the price of oil which represents 62 per cent of Enemalta's expenses. Its forecasts show that fuel oil is expected to cost more next year than it did in October 2008 when the new tariffs were introduced.