Interconnector prices now more than double Electrogas energy rates

Interconnector prices shot up dramatically over the winter, with Malta paying double for energy imports via the interconnector compared to electricity prices from Electrogas.

Energy Minister Miriam Dalli gave a breakdown of Malta’s energy costs in a parliamentary question put forward by PN MP Mark Anthony Sammut.

According to Dalli, the average price of energy from the interconnector shot up to €258.25 per megawatt. Meanwhile, the average price of electricity from Electrogas stands at €85.81 per megawatt.

Additionally, Enemalta buys EU emissions allowances, or carbon emissions, at an average market price of €20.37 per megawatt.

The Malta-Italy interconnector represents 25-30% of Enemalta’s needs. In 2021, the prices for energy imported via the interconnector increased to €148.02 per megawatt.

In 2020, the average price stood at €58.09 per megawatt.

The Maltese government has been providing ongoing financial support to energy distributor Enemalta to sustain its liquidity position.

In a review last month, the credit rating agency S&P said that Maltese taxpayers were now fully compensating Enemalta’s losses on a monthly basis.

Last October, the government committed €200 million in energy support to finance increases in electricity prices.