As from 2015, businesses too will benefit from reduced water and electricity tariffs, even if the new gas power station is not built within the timeframe of 18 months Finance Minister Edward Scicluna said at a press conference in Valletta this morning.

Dr Scicluna said “contracts with Shangai Electric will ensure Enemalta is in a stronger position, and pledges for reduced tariffs for business will be kept”. He said that reduced tariffs have proven that the promise made by the Labour Party before the election was not a gimmick, as the opposition had called it, and that the previous administration was not planning to reduce such tariffs but rather increase them.

Reduced production costs will lead to 0.5% of GDP growth which will give way to 42 million increase in people’s spending power.  The finance minister claimed that reductions are progressive, and families with children and lower family income will save more than those with higher income.   Asked whether a front payment of E30 million was made by Electrogas, Dr Scicluna replied that this question needs to be directed to Energy minister Konrad Mizzi.

Prof. Scicluna said that databases allowing for tracking of electricity consumption will ensure the plan is sustainable.