Malta is doubling down on subsidies, hedging, and storage to shield families and businesses from volatile global energy markets, the government said Tuesday.
Prime Minister Robert Abela has outlined a series of measures aimed at safeguarding Malta's energy supply and keeping prices stable, as the country navigates continued uncertainty in international energy markets.
During a technical meeting at the Delimara power station, Abela, accompanied by Energy Minister Miriam Dalli, met with representatives from key entities including Enemalta, Interconnect Malta, IESC, and Enemed.
Officials discussed Malta's preparedness to withstand external shocks, highlighting a combination of financial support for households, hedging agreements with international banks, and fuel storage strategies as central pillars of the country's approach.
According to the government, these measures have allowed Malta to maintain stable energy prices despite ongoing global turbulence, including supply disruptions and inflationary pressures affecting other countries.
Abela said that timely decisions and strategic investments enabled Malta to avoid the sharp increases seen elsewhere, adding that the government remains committed to protecting both families and businesses. He also pointed to strong public finances as a key factor allowing continued intervention in the energy market.
The Prime Minister announced that the Malta Council for Economic and Social Development will convene on Friday, where social partners and constituted bodies will be briefed on the country's preparedness plans and ongoing efforts.
Minister Dalli said Malta had managed to keep energy prices stable through successive crises, including the COVID-19 pandemic and the fallout from the Russian invasion of Ukraine. She said the same approach is now being maintained amid renewed global pressures.
She noted that fuel prices in Malta remain significantly lower than the eurozone average, with petrol at €1.34 per litre and diesel at €1.21, compared to averages of €1.95 and €2.16 respectively.
Dalli attributed this to two main factors: early agreement with the European Commission to allow subsidies, and Malta's use of hedging mechanisms for fuel purchases. She added that Enemalta also adopts hedging practices and maintains storage capacity to ensure supply security.
The government reiterated its commitment to continuing support measures, stressing that stability in energy pricing remains a priority in the face of ongoing international volatility.