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People.cn: SEP Helps Malta Reduce Power Tariff by 25 Percent

SEP, a subsidiary of SPIC, is one of the major power generation enterprises in Shanghai. In the past 40 years of reform and opening-up process in Shanghai, the company has been adhering to the construction of excellent global city and international metropolis with socialist modernization as its own duty, insisting on appreciating the situation and adapting to the trend, promoting international operation and development unswervingly, and has taken the lead to find out a path of overseas development among power generation enterprises in Shanghai.

 

In recent years, SEP's overseas projects have increasingly become the major growth point of the company with their stable investment returns and sustainable development trend, which effectively promotes the communication and popularization of Shanghai service, Shanghai manufacturing, Shanghai shopping and Shanghai culture on an increasingly large international stage.

 

The tiny Mediterranean island of Malta is well-known for its unique geographic location and beautiful scenery, which attracts tens of thousands of tourists from around the world every year. Nevertheless, Malta, which relies on tourism as its pillar industry, is facing a dilemma between economic development and environmental protection like all those countries with weak infrastructure.

 

Marsaxlokk, located in the southeast of Malta, is a popular tourist resort on the island. Delimara power station is also located here as an import power source for the whole island. D3 Power Plant within the site of Delimara power station had just eight heavy oil-fired power generation units at the beginning of construction. At that time, due to outdated power facilities, the power supply could not meet the market demand, and thus the island country often suffered from power outages. In 2014, the annual average time of power outage was 9.69 hours for Maltese consumers.

 

SEP (Malta) Holding Ltd. (SEPM) was founded as a wholly-owned subsidiary of SEP on November 26, 2014. With a clear strategic positioning, the company introduced the advanced technologies and management experience of SEP, and conducted operation in accordance with the overall management mode of "1+4". Within just three years, SPEM successfully achieved stable operation rooted in Malta, realized continuous and stable cash flows, with the assets increasing by 20% year on year, and became the first overseas entity under the flag of SPIC and SEP to achieve actual implementation of operation in Europe.

 

During the three-year operation, SEPM not only turned Enemalta, the state-owned power company in Malta, from the edge of bankruptcy to making profit for three years in a row, but also made a huge contribution to improving the reliability, safety, stability and economy of the national power grid, increasing the country's reputation and global visibility.

 

Over the past years, the reliability of the power grid has been greatly increased, with the residential power tariff in Malta reduced by 25 percent, ranking the last but one in EU from formerly among the top three. Meanwhile, the frequency of power outage decreased from 4.56 times per year in 2014 to 0.44 times per year at present, the non-technical line loss fell to 4.7% from 14% in 2014, and the reliability of the power consumption reached 99.9%, with the reliability, safety and economy of the power grid substantially improved.

 

At the same time, thanks to Enemalta back to profitability again, the government debt was reduced, the investment environment improved, driving the local investment, increasing the employment, promoting the economic development, which finally enabled the country's sovereign rating to be upgraded to "A+" for the first time in 20 years, and also increased the odds of winning the election again for the ruling Labor Party in Malta.

 

It is also worth mentioning that SEP has been jointly developing the renewable energy market with the Maltese government. Mozura Wind Power Project in Montenegro, the first greenfield renewable energy project jointly developed by the two parties in Europe, is expected to go into operation by the end of 2018.

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