The price of interconnector energy has increased by nearly 500% since 2020. The massive increase is due to the multiple global crises that the world has seen since 2020, whether it be the covid-19 pandemic or Russia’s invasion of Ukraine that has ultimately affected all of Europe in one way or another.
According to a map of EU energy purchases published this week, Malta paid around €591 per megawatt for power from the European grid on Monday.
By comparison, before 2020 Malta used to pay around €100 per megawatt for power from the interconnector.
The prices will reportedly increase even more in the coming years. They will increase to approximately €700 per megawatt, according to industry experts.
Even though a severe rise in cost in energy for households and businesses has been a common occurrence around the EU, prices in Malta have not changed a lot. Enemalta are still selling energy to consumers at 2014 prices albeit the rise in cost.
Last April the government committed €200 million to protect consumers from rising energy prices. They did not confirm how long this money would cover the costs.
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