Energy bills in Malta would have more than doubled had the government not intervened, the finance minister said on Monday.

Delivering his budget speech, Clyde Caruana said that if the government had not stepped in to cushion the impact of rising global energy prices, Maltese families would now be paying €230 for every €100 that they are actually paying.

Caruana’s introduction focused on the challenges that Malta had faced in 2022, as ranging from the Covid-19 pandemic and the millions spent to keep businesses afloat, to the war in Ukraine, the doubling of fuel prices and the energy crisis.

“The events that took place in three years usually take place over a number of decades. Despite all of this, we are still standing. We had, still have and will continue to have a strong economy. Other European governments were unable to deal with this situation, so they put the burden on families and businesses. We were the only country in Europe that said no to higher energy bills. The only country where fuel prices remained stable in such a sensitive time.”

Caruana acknowledged that this was a politically risky move, but believes it was the right approach.

In 2008, when energy prices increased, the [Nationalist] government saw Enemalta’s profits increase by some €100 million.  This year, the blow to public finances is six times higher, but we will not be taking an additional euro from the people, Caruana continued.

“Instead of populism, we choose accountability and seriousness. Malta’s energy policy also means that the country is not being affected by the energy crisis as much as most other Member States are”, he stated, whilst further explaining that the LNG and interconnector projects give Malta the ability to choose cheaper energy sources.