The cost of narcissism and delusion.
The government will be issuing yet another €350 million for next year to cover energy subsidies, namely electricity-bill subsidies that offset high energy prices. This is mainly a situation of Miriam Dalli’s own doing whose gas trade, pegged with oil price increases has lost the taxpayer hundreds of millions of Euros. Even early this year, Miriam Dalli kept hoping that her trade was to go green – it didn’t.
Since Miriam Dalli made her so-called “hedge” (it isn’t) in April 2022, pegging future gas purchases with oil price changes instead of gas price changes, the price of oil fell by 12% while the price of gas fell by 58%. The difference is massive and the trading loss is huge. Enemalta and its related companies are also losing money on hedges and derivates. It’s a total mess.
Miriam Dalli is probably the worst and most incompetent minister in our political history and she has the gall to campaign for the Labour leadership.