As energy costs continue to rise in the UK and throughout Europe, island nation Malta has seen its prices remain stable due to a deal struck in 2014 with Azerbaijan’s SOCAR (State Oil Company of the Azerbaijan Republic).
The agreement – in the form of an 18-year supply of liquefied natural gas (LNG) – was expedited by former PM Joseph Muscat.
A 7-year fixed-price LNG purchase agreement signed by the Muscat government – hedged against fuel price rises – has contributed to Malta’s energy costs over the past 12 months remaining flat.
In addition to the UK continuing to see a hike in energy bills, its gas imports are predicted to rise dramatically over the next 30 years, which could result in even higher costs.
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