Enemalta clarifies a media report concerning an event arising from a commercial transaction with a financial intermediary operating within energy and carbon markets. Enemalta cautions against any unwarranted repercussions as a result of incorrect reporting.

Enemalta, through its lawyers in Malta, the United Kingdom, and Switzerland, is taking all necessary legal steps to protect its interests. This is an ongoing commercial transaction, and legal discussions are underway.

The event concerns trading activities conducted by Enemalta as part of its routine operations. This specific transaction involves EUAs, which are carbon credits. Such transactions, like many others, have a history of proceeding without incident. This trading occurs under a Master Agreement developed by the International Emissions Trading Association (IETA) and represents an international practice.

In this instance, however, Enemalta’s board of directors was informed that, out of the 11 EUA transactions conducted with the same company, three did not meet the stipulated deadline. Enemalta is currently seeking remedial action from the foreign company.

Enemalta has engaged both domestic and international legal counsel to assist in this case to recover all the money it is owed. A reputable London-based firm has been engaged to manage the situation effectively, ensuring the full protection of Enemalta’s interests. Since the other party is based in Switzerland, a Swiss legal firm has also been engaged.

Enemalta cannot disclose any additional details at this stage to safeguard its legal and civil standing. However, Enemalta reassures everyone that is considering all potential remedial avenues.

Enemalta will continue with its substantial investment programme to strengthen its distribution network, reinforce existing distribution centres and introduce new ones, whilst maintaining stable utility tariffs.