News | Sunday, 04 April 2010

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Power cut cost €20 million

Labour MEP Edward Scicluna has estimated that Friday’s power cut cost at least €20 million for the Maltese economy as a result in lost income.
Scicluna, who is an economist by profession, told a Labour press conference organised outside the Auberge de Castille yesterday afternoon, that one a daily basis, the Maltese economy generates about €20 million in value added.
However, this was not always constant. “During a public holiday, as was Friday, the amount could be even more,” the Labour MEP insisted.
“Moreover, individual consumption in homes which was is measured in trade statistics that was lost as a result of the power cut cannot be estimated, therefore we cannot measure the entire impact on the economy that was lost as a result,” Scicluna added.
Furthermore, the Labour MEP explained, the problem was compounded in for those who provide services, where then there was the impact on that service provider who cannot pass its service to customers.
“The biggest harm that is being done to the Maltese economy as a result of the repeated power-cuts was the impact on the country’s competitiveness,” Scicluna warned.
On his part, Labour leader Joseph Muscat insisted that Maltese consumers were being faced with the highest rates and the worst service in Europe.
This blackout occurred during one of the most important weekends for the tourist industry of Malta.
“There is now a trend – this power cut is the fourth one during the last year,” Muscat insisted. “However now this trend has worsened as this was the second power-cut during the last few days,” he added.
Muscat lambasted Finance Minister Tonio Fenech’s decision to commission a report about Friday night’s power cut. “Commissioning reports now is not the solution,” he insisted.
“The Government has been commissioning reports about Enemalta since 2005, when it commissioned Malta’s energy strategy,” Muscat added.

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