Enemalta

Stock performance

History

Enemalta was set up in 1977 as Malta's state energy corporation, running the country's oil-fired power stations and fuel imports. In 2014 China's Shanghai Electric Power bought a minority stake, and the utility shifted from oil to gas-fired generation and to imports through a power cable to Sicily that opened in 2015.

Business model

Enemalta distributes electricity to all consumers in Malta and Gozo, buying power from gas-fired plants at Delimara and from the European grid via the Malta-Sicily interconnector.

Market position

Enemalta is Malta's sole electricity distributor.

Country impact

Malta has kept household and business energy tariffs frozen since 2014, including through the 2022 energy price shock, with the government covering the gap through large subsidies to Enemalta. That policy shielded Malta from inflation but placed a growing burden on public finances.