KUALA LUMPUR (July 10): At RM9.69 last Friday, shares of Tenaga Nasional Bhd are hovering at near multi-year lows, and similarly its foreign shareholding was at around 12.1% at end last month.

Apart from the cautious sentiment caused by the latest developments in the political scene, a confluence of factors loom over the utility group, as it has to balance stakeholders' expectations as a GLC and as a public-listed company in the face of the Covid-19 pandemic.

The company is still in talks with regulators about future policies such as the Regulatory Period 3 (RP3) and the Malaysia Electricity Supply Industry 2.0 (MESI 2.0) review. With the recent political shakeups, the market is seeking more certainty on the company’s future returns, and what its role will be in the changing industry landscape.

As ESG (environmental, social, and governance) awareness knocks on its doorstep, Tenaga is also playing catch-up in the global transition towards renewable energy, which newly-appointed president and chief executive officer Datuk Baharin Din sees as a lever of growth.

In his first exclusive interview with The Edge, Baharin shares what is being done by Tenaga about its carbon heavy portfolio, and his view on the company’s responsibilities in the face of rising fuel costs and demand pressures.

“We have proved that we are a trustworthy professional entity that will deliver the aspiration of the rakyat.

“Tenaga supports the climate change agenda. We are fully aware of the drift on ESG. It is a question of transition; we want to ensure the pathway is holistic, realistic and balanced,” says Baharin in the virtual interview

Meanwhile, the group is also keeping its eye on growing its non-regulated business, particularly to sweat its idle fibre assets in the telecommunications sector. Its prospects go beyond broadband, Baharin hints.

“Somehow, in the value chain, you will find Tenaga’s presence being quite critical for the viability of any infrastructure development,” says Baharin about the venture’s potential.

What will be the trajectory of this utility giant in order to retain investor interest? Read more about it in The Edge Malaysia weekly’s July 12 edition.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.