The water and electricity reductions for businesses that come into effect on 1 April will save businesses €50 million per year, Energy Minister Konrad Mizzi said.

Speaking during a visit to Actavis in Bulebel, Dr Mizzi said the savings will lead to a total of€80 million being pumped back into the economy. As from last year, households have been saying €30 million per year with the reduction of energy tariffs, according to the government.

The electricity bills will see a reduction of 25 per cent, while the water bill will drop by five per cent.
Activis said that as a result of the reductions, it will be saving €750,000 per year.

It said it would use this money to invest in new machinery, training of employees, energy efficiency and alternative energy sources.