Black Friday 2023 – The Malta Chamber of SMEs Launches Platform for 2023 to Promote Malta’s Black Friday Deals
21 November 2023
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Immediately after the proposals for the new Utility Tariffs were made public GRTU worked around the clock to make a counter proposal and yesterday during a press conference even published a mitigation plan.
The basic flow in the proposal is the grand figure of €415m that is to be received from these tariffs. This because €104m are already being received by Government from excise duties on fuels. For this and several other reasons the €415m figure is unacceptable and must be reduced. GRTU is therefore pleased to hear that Government if reviewing the proposal seriously.
When analysing Government's proposal many questions soared on the financial strategy being adopted, the spread of years on which the tariffs are spread, etc. This shows that serious discussion with the social partners needs to be held.
KPMG adopted the base figure of €100 per barrel, the highest figure it could have taken of course. When GRTU worked out the average cost per barrel over a ten year period the amount did not exceed €60 per barrel! GRTU's Director General, Vincent Farrugia, therefore explained that a surcharge which goes up and done according to the price of oil would be more desirable. This together with a fixed tariff.
GRTU is concerned as many of our members are not yet realising how much the cost of electricity and water will increase. This because the bill with the 95% surcharge has not reached everyone yet.
Government is alarming people with a crises when this is not the case. Government bought oil to last till March so the urgency of backdating the tariffs from 1st October can be done away with.
GRTU kindly asked the Office of Fair Trading and the Malta Resources Authority to make the necessary investigations. Till now we heard nothing from both, it is high time we did though!
GRTU estimates that the figure should go down to €210m. Anything above €265m is not really justified. It is estimated that the current tariffs loaded with 95% surcharge will bring in €265m, a sum more than enough for Enemalta to meet its current and medium to long term obligations.
GRTU also proposes the setting up of a stakeholder task force and a national awareness campaign. Full Mitigation Plan available on GRTU's website: www.grtu.org.mt.
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