Issue link: https://maltatoday.uberflip.com/i/426299
maltatoday, WEDNESDAY, 3 DECEMBER 2014 3 News Fenech '(9(/230(17&21752/'(6,*132/,&< *8,'$1&($1'67$1'$5'6 dŚĞDĂůƚĂŶǀŝƌŽŶŵĞŶƚĂŶĚWůĂŶŶŝŶŐƵƚŚŽƌŝƚLJ;DWͿŚĂƐŝƐƐƵĞĚĨŽƌƉƵďůŝĐ ĐŽŶƐƵůƚĂƚŝŽŶĂŶĞǁƉƌŽƉŽƐĞĚĞǀĞůŽƉŵĞŶƚŽŶƚƌŽůĞƐŝŐŶWŽůŝĐLJ͕'ƵŝĚĂŶĐĞĂŶĚ ^ƚĂŶĚĂƌĚƐϮϬϭϰ;ϮϬϭϰͿ͘ ϮϬϭϰŝƐĂĐůĞĂƌĚĞƉĂƌƚƵƌĞĨƌŽŵĂƐŝŶŐůĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƉŽůŝĐLJƉƌŽǀŝƐŝŽŶƐ ĨŽƵŶĚŝŶƉƌĞǀŝŽƵƐƉƵďůŝĐĂƚŝŽŶƐ͘dŚĞƉŽůŝĐLJĚŽĐƵŵĞŶƚŚĞƌĂůĚƐŝŶĂŶĞǁ ĐŽŶƚĞdžƚƵĂůĚĞƐŝŐŶĨƌĂŵĞǁŽƌŬǁŚŝĐŚĚŝƐƚŝŶŐƵŝƐŚĞƐďĞƚǁĞĞŶĚŝĨĨĞƌĞŶƚƋƵĂůŝƚŝĞƐ ĂŶĚĞůĞŵĞŶƚƐƚŚĂƚĐŽŵƉƌŝƐĞƵƌďĂŶĂŶĚĂƌĐŚŝƚĞĐƚƵƌĂůĚĞƐŝŐŶ͘ ĚĞƚĂŝůĞĚƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞƉƌŽƉŽƐĞĚϮϬϭϰǁŝůůďĞŐŝǀĞŶĚƵƌŝŶŐƚŚĞƚǁŽ ƉƵďůŝĐŵĞĞƚŝŶŐƐƚŚĞƵƚŚŽƌŝƚLJŝƐŽƌŐĂŶŝƐŝŶŐŽŶ͗ ĂƚĞ͗tĞĚŶĞƐĚĂLJϯƌĚĞĐĞŵďĞƌϮϬϭϰ dŝŵĞ͗ϭϲ͘ϬϬŚƌƐ WůĂĐĞ͗DWŽĂƌĚƌŽŽŵ͕&ůŽƌŝĂŶĂ dŚĞĚƌĂĨƚƉŽůŝĐLJĐĂŶďĞǀŝĞǁĞĚŽŶƚŚĞƵƚŚŽƌŝƚLJΖƐǁĞďƐŝƚĞǁǁǁ͘ŵĞƉĂ͘ŽƌŐ͘ŵƚ͘ /ŶĚŝǀŝĚƵĂůƐĂŶĚŽƌŐĂŶŝnjĂƚŝŽŶƐĂƌĞďĞŝŶŐŝŶǀŝƚĞĚƚŽƐĞŶĚƚŚĞŝƌƐƵďŵŝƐƐŝŽŶƐ ƉĞƌƚĂŝŶŝŶŐƚŽϮϬϭϰŝŶǁƌŝƚŝŶŐŽŶĞŵĂŝůĂĚĚƌĞƐƐ͗ĚĐϮϬϭϰΛŵĞƉĂ͘ŽƌŐ͘ŵƚ͘ ƚŚ ^ƵďŵŝƐƐŝŽŶƐƐŚŽƵůĚƌĞĂĐŚƚŚĞƵƚŚŽƌŝƚLJďLJ&ƌŝĚĂLJϭϲ :ĂŶƵĂƌLJϮϬϭϱ 38%/,&&2168/7$7,210((7,1*6 ĂƚĞ͗&ƌŝĚĂLJϭϮƚŚĞĐĞŵďĞƌϮϬϭϰ dŝŵĞ͗ϭϬ͘ϬϬŚƌƐ WůĂĐĞ͗hŶŝǀĞƌƐŝƚLJŽĨDĂůƚĂ͕yĞǁŬŝũĂ͕'ŽnjŽ works are underway on the con- struction of the LNG conversion plant by the Siemens Industrial Turbo Machinery in Sweden. The works carried out are on the basic components of the pow- er stations. Works will follow on the con- struction of the jetty and the power station. The minister said that, for the first time, Enemalta this year paid government €130 million in excise duty. He reiterated that Enemalta's debt and losses had exerted pres- sure on the national credit ratings and public coffers. purchased a 33% stake in Enemal- ta, a deal which should now be in the stages of finalisation. He put into question the govern- ment's argument that the energy deal was delayed following SEP's involvement, claiming that the Chinese would have never told the government "to put on hold" the €30 million cash consolidation which should have been paid by ElectroGas. Fenech claimed that Enemalta could not do without SEP's invest- ment: "Beggars can't be choosers and it is clear that the Chinese are asking more money. You have reduced this country to being beg- gars of the Chinese. "You should come clean on this project and apologise for the mis- take you did and admit that the project of the Nationalist adminis- tration, that of the interconnector, was the right answer." Power plant delay admission of government's 'failure' – de Marco DANIEL MIZZI ENERGY minister Konrad Mizzi's announcement that the new gas power plant will be completed in June 2016 is an admission of the government's failure and a "Chi- nese excuse to cover up its mess," PN deputy leader Mario de Marco said. Addressing a news conference yesterday, de Marco argued that the 15-month delay is a confirma- tion that the Labour government "deceived the people," and has failed to "fulfill its main electoral promise". Earlier, Mizzi told parliament that rather than March 2015, Malta will be making use of gas-generated electricity by June 2016. "Konrad Mizzi is using the deal over the Chinese investment at Enemalta to cover for the govern- ment's shortcomings. This is noth- ing but an excuse to mask the gov- ernment's failures. "Both Prime Minister Joseph Muscat and Konrad Mizzi must now shoulder political responsi- bility due to this delay," he under- lined. The PN deputy leader also took issue with the energy minister for "not providing concrete details," arguing that Mizzi did not provide concrete goals, but merely projec- tions. "The government did not provide any indication of when the works on the plan will commence and end. Mizzi did not provide a strict timeframe either, but only said that the government expects to buy the gas-generated electricity from the new plant by June 2016," he said. Hitting out at Prime Minister Joseph Muscat's previous claims that the project would only be de- layed by a couple of months, de Marco said that the 15-month de- lay would result in a loss of €234 million. He explained that since the finan- cial estimates in the budget state that the new plant would generate €187 million, the 15-month delay will have a negative impact on the economy. "It is easy enough to reduce utility tariffs. The real challenge is financ- ing them. So far, the government has not provided any concrete in- formation as to how it will finance the reductions. "At this moment, it is only guess work. It is still unknown whether the government will increase taxes or subsidies to Enemalta," de Mar- co argued while adding that it made no sense to commit to purchasing power from the Shanghai Electric Power owned BWSC turbine if cheaper electricity could be bought through the interconnector. Calling on the government to publish the ElectroGas agreement and the memorandum of under- standing between the government and Shanghai Electric Power, fi- nance spokesman Tonio Fenech also took umbrage at the govern- ment for producing electricity at a much higher cost than the rest of Europe. "If oil prices were at such low prices, a Nationalist government would no doubt reduce electricity tariffs," Fenech added. PN deputy leader Mario de Marco: "Both Muscat and Mizzi must shoulder responsibility for this failure"