Enemalta Corporation has bought 15,000 digital meters that are not compatible with the smart meter system and will now have to throw them away.
The commission on their purchase has already been paid. Their cost runs into thousands of euro.
Last February Standard & Poor's (S&P) Ratings Services lowered its long-term corporate credit rating on Malta-based power utility Enemalta Corp. to 'B+' from 'BB'. The outlook is negative.
S&P it downgraded Enemalta Corp.'s credit quality because of its inability in refinancing outstanding debt on time, leading to a continued extension of debt maturities. S&P also said: “The negative outlook reflects our view that further deterioration of Enemalta's stand-alone creditworthiness may signal weakening government support.”