Enerġija li tiġġedded

Bħala pajjiż ninsabu lura fuq il-miri li ssettjawlna jew li ssettjajna dwar x’persentaġġ tal-enerġija li nużaw trid tkun ġejja minn sorsi ta’ enerġija li tiġġedded. Sa issa, l-aktar (jekk mhux l-uniku) sors li jagħmel sens għalina hu dak tar-raġġi tax-xemx, fejn it-teknoloġiji tal-fotovoltajċi u mezzi oħra simili bdew jagħtu riżultati tajba.
Individwi u kumpaniji tħeġġu biex joħolqu enerġija b’dal-mod u ż-żejjed tagħhom jgħadduh lid-distribuzzjoni nazzjonali tal-elettriku, mmexxija mill-Enemalta.
Allura, stagħġibt meta qaluli li jekk individwi jew kumpaniji jipproponu proġett li bih idaħħlu fid-distribuzzjoni tal-elettriku, volum sostanzjali ta’ enerġija solari, ikollhom iħallsu tariffi għolja ħafna biex jgħaddquhom mad-distribuzzjoni. Dawn jiġu ogħla anki proporzjonalment, minn meta jdaħħlu fix-xibka tad-distribuzzjoni volum baxx.
Ma nistax nifhem ir-raġuni għal dil-ħaġa. Forsi sar fl-interess finanzjarju tal-Enemalta li trażżan il-ġenerazzjoni tal-enerġija solari mill-privat? Jekk iva, dan jikkontradixxi l-miri nazzjonali ssettjati sas-sena 2020 dwar l-użu ta’ enerġija li tiġġedded. Hemm multi mhux żgħar li jridu jitħallsu jekk il-miri ma jintlaħqux.
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ĊEDOLI TA’ SELF “IMGĦOTTIJA”
Bħalissa ninsab involut ma’ oħrajn fit-tħejjija ta’ rapport għall-Parlament Ewropew dwar regoli Ewropej ġodda li jipprovdu qafas mal-Unjoni Ewropea kollha għall-ħruġ u mmaniġġjar ta’ ċedoli ta’ self “imgħottija” (“covered bonds”). F’Malta ma nużawhomx, imma huma strument finanzjarju importanti f’numru ta’ pajjiżi membri tal-Unjoni Ewropea (mhux kollha).
Iċ-ċedoli ta’ self li jinħarġu jkollhom bħala garanzija għalihom biss b’mod esklussiv, fond magħmul minn ftehimiet ta’ self fuq xiri ta’ djar u ċedoli ta’ self maħruġa mill-gvernijiet. Dal-fond ikun akbar mill-ammont ta’ flus li jiġu msellfa. Terġa’, min joħroġ iċ-ċedoli “imgħottija” jpoġġi fuqhom l-garanzija diretta tiegħu. B’hekk, iċ-ċedoli “imgħottija” jitqiesu bħala tassew sodi u żguri. Akkwistaw matul is-snin, preġju kbir, tant li fl-aħħar xhur il-Bank Ċentrali Ewropew, li qed jixtri ħafna self Ewropew privat, spiċċa issa l-istituzzjoni bl-akbar kontroll fuq dawn il-“bonds”.
Il-mistoqsija tqum: Jekk iċ-ċedoli “imgħottija” kienu daqstant suċċess sa issa, hemm għalfejn ngħabbu fuqhom regolamentazzjoni ġdida Ewropea?
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BEJN 4
Meta qed nikteb dan, il-midja kollha qed isostnu li t-tellieqa presidenzjali fi Franza spiċċat għall-ewwel rawnd tal-elezzjoni, waħda bejn erba’ kandidati li kollha għandhom iċ-ċans tagħhom: Marine Le Pen, tal-lemin estrem; Francois Fillon, tal-lemin ċentru; Emanuel Macron, taċ-ċentru; u Jean Luc Melenchon, tax-xellug “estrem”.
Il-logħba sa issa żviluppat hekk: għall-bidu, l-favoriti biex jgħaddu għat-tieni rawnd kienu Le Pen u Fillon; wara, Le Pen u Macron.
Tkun “interessanti” kieku l-għażla tal-poplu Franċiż taqa’ fuq Le Pen u Melenchon.

English Version – Renewable energy

As a country we are well below the targets we have set (or were they set for us?) regarding the percentage use of renewable energy sources in our total energy consumption. Up to now, the major (if not the only) source that makes sense for Malta is solar, since photovoltaic and similar methods have been giving satisfactory results.

Individuals and companies were encouraged to turn to these methods while offloading their excess supply to the national electricity grid, run by Enemalta.

So I was surprised when told that if individuals or companies seek to run a project which would deliver substantial volumes of electricity generated by solar power, they need to pay a disproportionately high tariff to get connected to the grid. This would well exceed what they need to pay by way of a connection fee, if proposing to deliver a relatively low volume of solar electricity.

I fail to understand the reason for the discrepancy. Could it be that it is now in Enemalta’s financial interest to curtail the generation of solar power by private entrepreneurs? If so, this would contradict the targets set nationally for renewable energy generation by 2020. Hefty penalties would need to be paid if these targets are not reached.

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Covered bonds

Along with others, I am at present involved in the preparation of a European Parliament report that discusses new European rules providing a framework across the EU for the issue and management of covered bonds. In Malta, these have never been used but they are an important financial instrument in a number of EU member states (not all).

Covered bond issues comes with an exclusive guarantee based on a ring fenced pool made of mortgages and government bonds. The pool is generally larger in value than the total volume of the bond issue. Moreover, the issuer of covered bonds also attaches a direct guarantee. So covered bonds are considered particularly safe investments.

Over the years, they have gained financial prestige, so much so that in past months, the European Central Bank as it bought private debt instruments to implement its quantitative easing programme, has become the largest institutional holder of covered bonds.

The question arises: If covered bonds have been such a success up to now, does it make sense to subject them to new European regulations?

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’Twixt 4

As I write this, most media are predicting that the French presidential campaign at its first round, has become a race between four candidates who all stand a chance of getting through: Marine Le Pen, at the extreme right; Francois Fillon, at the right-centre; Emanuel Macron, at the centre; and Jean Luc Melenchon, at the “extreme” left.

Up to now, the projected first round scenario developed as follows: initially, the favourites were Le Pen and Fillon; after that, Le Pen and Macron.

It would be most “interesting” if French voters opted to choose Le Pen and Melenchon to run for the second round.