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Electrogas Tried And Failed To Get €18 Million In Power Station Delay Damages Waived, New Emails Reveal

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Electrogas shareholder Yorgen Fenech had tried to have around €18 million in power station delay damages the company owed to Enemalta waived, new leaked emails reveal.

“There is a problem with the waiver of the LD’s (liquidated damages). Enemalta has already accounted for them in their accounts and therefore they would have to reverse that, which would result in huge controversy,” Fenech reportedly said in a 2017 email, the Times of Malta reported.

He noted that accounting had already factored in the damages (which had been incurred due to the fact that power station took so long to be built and begin operating) made it near impossible for them to be waived. 

Besides this, it was revealed that Electrogas had also been given a secret 18-year timeframe to pay back the €18 million in damages that it owed. This was never announced publicly.

Fenech had reportedly tried to get the payment to be interest-free, but settled for a two per cent interest rate.

Interestly, in another 2017 email, Gerhard Brenner, Vice President for Project Development for Siemens, another shareolder in Electrogas, had questioned whether former Minister Konrad Mizzi still had enough political power to help Electrogas at that time.

“Moreover, I am not sure on whether Konrad has still enough political power and influence to help us here. Do we know if the Prime Minister is well informed about the overall situation and aware of all negative consequences if we do not reach financial close right in time,” Brenner had asked.

Former Chief of Staff Keith Schembri and former Tourism Minister Konrad Mizzi have both been linked to Electrogas, with the pair set to recieve €2 million from Fenech via his secret Dubai company 17 Black. Fenech is now standing trial as the main suspect in the assassination of Maltese journalist Daphne Caruana Galizia.

What do you think of these revelations?

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