TNB commits to investments in energy transition - MIDA | Malaysian Investment Development Authority
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TNB commits to investments in energy transition

TNB commits to investments in energy transition

21 May 2021

The utility giant adopts new RE technologies translating to a generating capacity of 713.2MW

Tenaga Nasional Bhd (TNB) remains committed to investing towards energy transition in line with the efforts to provide economic support to the government amid the Covid-19 pandemic.

Its chairman Datuk Seri Mahdzir Khalid said during the current turbulent economic times, TNB has been prioritising the country’s utility needs while safeguarding the safety of its stakeholders.

“TNB aims to enhance the industry’s efficiency and improve the customer experience, while promoting sustainable energy consumption to balance the capability and security of Malaysia’s grid system.

“The steps taken by the government, including the vaccination programmes, have pointed towards optimistic signs that the economy will be robust moving forward compared to 2020, which will further increase the supply and demand of electricity,” he said.

With the rapid growth of the global energy transition, the utility giant is confident in its capability to widen the energy footprint in the energy field.

At present, TNB has adopted new renewable energy (RE) technologies, such as solar, wind, biomass and biogas, which have translated to a generating capacity of 713.2MW.

“The installation of smart meters in premises within the peninsula has reached 1.1 million as of March 2021, in line with the improvement of electrical infrastructure by TNB to enable integration of new technology.

“In line with the renewed aspiration, our achievements so far have proven our commitment to being the premier provider of sustainable energy solutions,” TNB said.

TNB president and CEO Datuk Baharin Din said despite the unprecedented challenges in 2020, TNB continues to deliver and provide the foremost service, giving added value to shareholders while serving the country.

“We have managed to survive the pandemic challenges with reliable services, as the agility in our business strategy has enabled us to provide electricity which is safe and sustainable for the environment at an affordable cost to all stakeholders,” Baharin said.

The ongoing efforts of TNB’s wholly owned subsidiary, GSPARX Sdn Bhd, also saw 689 solar panel installation contracts which have contributed to the green energy generation by 85MWp.

“We have set a target to increase RE generation capacity to 8,300MW by 2025, which will be supported by our local and international initiatives,” Baharin said.

As of March 2021, TNB has achieved 3,402MW RE capacity, of which 2,736MW were produced in Malaysia and 666MW internationally.

“As a complement to this target, revenue from RE is expected to record growth up to 10% by 2025 from 4% in 2020. “We also expect income from investments in energy transition-related initiatives to grow from 4% to 9% by 2025,” added Baharin.

Source: The Malaysian Reserve