Issue link: https://maltatoday.uberflip.com/i/1489031
3 maltatoday | SUNDAY • 25 DECEMBER 2022 NEWS ed to peace of mind on the do- mestic front but within the EU context, the Ukraine war has destabilised the energy sector. Large countries scrambled to ensure enough gas reserves are built for the winter months as Germany restarted coal- fired plants to make up for the shortages and other countries stepped up efforts to build liq- uefied natural gas terminals to bypass the need for pipeline gas from Russia. The EU has also had to re- draw alliances, seeking gas and LNG supply agreements with Qatar, Azerbaijan, Egypt and Algeria in a bid to wean itself off Russian gas and diversify its portfolio. Malta's LNG terminal at Marsaxlokk proved to be a blessing in disguise, ensur- ing the island could bank on a steady supply of gas, albeit the higher international prices. But the turmoil on the continent also saw the price of electricity imported via the interconnec- tor soar. A gas price cap agreed by EU energy ministers earlier this month is expected to shield consumers from rising energy prices. Under the market correc- tion mechanism, prices will be capped at €180 per megawatt hour if the level is exceeded for three days in a row. The deal will benefit Malta even though government has committed itself to continue shielding households and busi- nesses from higher energy pric- es. Energy Minister Miriam Dalli described the deal as "neces- sary" for Malta given its unique reliance on gas for energy pro- duction. But the cap will also result in manageable energy prices on the European conti- nent, where Malta imports its electricity from. Maltese consumers were bub- ble-wrapped against high ener- gy and fuel prices but this does not mean the squeeze in other sectors will not be felt. The outgoing year has been one full of hope and despair. The new year is unlikely to be any different from the current standpoint with no sign of how the war in Ukraine will pan out. A renewed Russian offensive in February will likely intensi- fy world troubles but just like 2022 has taught us: we always have to expect the unexpected and Vladimir Putin may one morning wake up and reverse his megalomaniac plans. 2090 8600 COLLECTION OF DOMESTIC WASTE