Miriam Dalli: €55 million allocated towards enhancing energy infrastructure in 2024

Minister Miriam Dalli said approximately €55 million will be allocated to the enhancement of the nation's energy infrastructure, with 50% of the funding coming from the European Union.        

Questioned by the media on Wednesday afternoon, the minister was asked to clarify the reasons behind the marginal rise in expenditure, from €14.75 million in 2022 to €14.8 million in 2023, specifically designated for energy distribution, as indicated in the budget estimates, despite the Prime Minister’s promise to social partners in summer.

Following the series of power cuts over the summer, the PM had promised social partners that government would be doubling its allocation for upgrading the country’s distribution network.

Dalli said that additional funding, allocated across various line items, would also be directed towards the enhancement of the national power grid.

She said some €28 million would be coming through EU funds under the European Commission’s REPower EU strategy, while an additional €12 million was marked under the budget line item 7450 as “energy infrastructure”.

“Our plan is that all of this money is spent next year, as we had promised the MCESD,” Dalli said. “This is so that we can keep strengthening the general infrastructure that deals with the distribution and generation of electricity.”

Addressing the media during the press conference, Dalli said enterprises in Gozo and Malta have saved close to €370 million in electricity bills over a span of two years “owing to the government’s decision to retain price stability and absorb the increases in international oil prices.”

“The Maltese economy flourished and grew 10 times the European average, thanks to the Labour Government’s decision to absorb the increase in oil prices. By taking this proactive step, we have cushioned the blow to the economy, which other countries are experiencing. Instead, we have continued to create a favourable environment for businesses and individuals alike to thrive. As a result, our economy has witnessed a significant expansion, with a growth rate that is close to 10 times higher than the average in Europe,” she said.

Dalli also visited De La Rue on Wednesday, where works are underway as the company is expanding its factory to 29,000sqm, in a multi-million investment set to create some 100 new jobs. De La Rue’s management explained how the company was investing in a state-of-the-art factory, that would be energy efficient and allow it to extend its industry 4.0 journey.

Addressing the press, Minister Dalli reiterated the government’s commitment to support businesses, pushing forward a knowledge-intensive economy based on sustainable practices where innovation and the blue and green economies can thrive.

“We have doubled the budgetary allocation for projects and measures, operated by Malta Enterprise, to support businesses and start-ups investing in research and innovation, skills, digitisation and energy efficiency amongst others. A budget allocation of €60 million,” Miriam Dalli said.