Gasan Enterprises Ltd. holds a 35.17% share in GEM Holdings Ltd, which holds a 33% share in EGM Holdings Ltd, which in turn owns Electrogas.
Research by The Shift found a tie, through marriage, between Paul Apap Bologna from CP Holdings and Greta Apap Bologna, a member of the Gasan group.
Enemalta is bound to purchase all energy generated by Electrogas for 18 years, in turn, passing on the questionably higher costs (plus a profit margin for Electrogas) to consumers. As a result, Malta pays a higher electricity rate (net of tax) than most European counterparts.
