Enemalta confirms missing €60 million as Dalli shifts responsibility onto chairman

Malta’s state-owned energy utility Enemalta has confirmed losses of about €60 million linked to a failed carbon trading transaction, prompting questions over ministerial oversight and the company’s internal controls.

At a hastily convened press conference, Chairman Ryan Fava said the company was working with Maltese, British and Swiss legal advisers to recover the missing allowances, which were traded under the EU Emissions Trading System (ETS) through a Swiss intermediary.

Fava said Enemalta became aware of the problem in August, when it discovered that roughly €60 million worth of carbon certificates — used to offset emissions from its power plants — could not be located.

He gave no assurance that the money could be recouped and did not identify who might be held responsible. Stefan Calamatta, Enemalta’s executive director responsible for the company’s trading, was also present for the press conference.

The Swiss intermediary, whose name was not disclosed, “is still operating and has not gone bankrupt,” Fava said, without commenting on whether fraud was suspected.

Energy Minister Miriam Dalli, who oversees the state utility, was notably absent from the briefing and has not responded to questions regarding the incident.

Fava said the problematic transaction stemmed from a 2021 board decision, taken before he assumed the chairmanship.

The press conference itself was tightly controlled: journalists were barred from taking photographs or recordings, and questions were limited. It is not known why Minister Dalli did not inform the public about the missing €60 million when she was informed about the mishap last August.

The revelation follows a story by The Shift, which said two years’ worth of carbon certificates had disappeared through a Swiss intermediary. It remains unclear what level of due diligence Enemalta conducted before approving the trading arrangement.

The losses come as Enemalta continues to grapple with financial strain from high energy costs and infrastructure pressures. The development has also unsettled Shanghai Electric Power, the Chinese minority shareholder in Enemalta, which has reportedly sought clarification from Minister Dalli on how the exposure was allowed to occur and who will bear the financial responsibility.

So far, no formal legal action has yet been initiated.