Dalli blocks information on Enemalta’s missing €60 million

Energy Minister Miriam Dalli continues to block the release of information linked to a €60 million shortfall in carbon credits purchased by Enemalta through a Swiss intermediary – a transaction that has left a sizeable hole in the state utility’s finances.

Enemalta incurred losses amounting to millions in a carbon trading deal that has collapsed following the failure of the Swiss intermediary.

Internal correspondence seen by The Shift shows that Enemalta had alerted Dalli in August that the carbon-trading arrangement had unravelled after the intermediary, acting on the utility’s behalf, was unable to deliver carbon certificates valued at approximately €60 million. The credits were intended to cover close to two years of Enemalta’s obligations under the EU Emissions Trading System.

Dalli, who attempted to keep the issue under wraps until The Shift revealed it, has since insisted that disclosing details could prejudice efforts to recover part of the lost sum. Neither the minister nor Enemalta’s senior leadership has taken political or administrative responsibility for the failed deal.

In parliament, Dalli was pressed to explain the status of the case and to identify the intermediary that Enemalta says failed to honour a 2021 contract, but she refused to elaborate, citing ongoing litigation

She told opposition MP Graham Bencini that releasing information “is not in Enemalta’s interest”, given the utility’s attempts to claw back funds.

Despite those assertions, The Shift understands that Enemalta has not yet initiated court proceedings against the intermediary.

Instead, the utility has engaged Maltese law firm Camilleri Preziosi to lead negotiations in an effort to recover part of the missing funds.

Sources told The Shift that opinion within Enemalta is divided. Some officials believe a portion of the losses may eventually be recouped, while others question why no internal accountability process has been triggered.

The disputed transaction dates back to a 2021 agreement concluded before the current chairman took office, though still under the political oversight of Dalli’s ministry.

No explanation has been provided regarding what level of due diligence supported the selection of the intermediary.

While Enemalta has publicly insisted the Swiss entity has not collapsed and remains operational, it has stopped short of naming the firm or providing assurance that adequate vetting had been conducted before engaging it.

Enemalta is majority-owned by the Maltese government, with China’s state-owned Shanghai Electric Power holding a 33% stake.

Enemalta is kept financially afloat through millions of subsidies from state coffers.