Friday 29 Mar 2024
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KUALA LUMPUR (Dec 15): Tenaga Nasional Bhd (TNB) said its major coal-fired power plants' power purchase agreements are expiring "with no like-to-like replacement" and that the government-controlled utility's coal-fired power plant revenue contribution will not exceed 20% of total group revenue by 2030 in line with the company's transition to cleaner and sustainable energy.

TNB said in its latest investor presentation dated Dec 8, 2020 that its Jimah East electricity-generation facility, which was commissioned in 2019, was the last new coal-fired power plant for the group because TNB had pledged not to invest anymore in greenfield coal-fired power plants.

For the financial year ending Dec 31, 2020 (FY20), TNB said coal-fired power plant revenue contribution is expected to account for 20.7% of total group revenue.

FY21 and FY22 coal-fired power plant revenue contributions are seen at 22.1% and 21.9% respectively, according to TNB.

For FY23 and FY24, coal-fired power plant revenues are anticipated to constitute 21.2% and 20% respectively of TNB's total group revenues, the company said.

TNB said that for FY25, coal-fired power plant revenue contribution is seen at 19.5%.

For the third quarter ended Sept 30, 2020 (3QFY20), TNB's net profit fell to RM1.01 billion from RM1.2 billion a year earlier while revenue dropped to RM11.11 billion from RM12.64 billion.

Cumulative net profit for the nine months ended Sept 30, 2020 (9MFY20) declined to RM2.38 billion from RM3.88 billion a year earlier while revenue was lower at RM33.65 billion versus RM38.76 billion, TNB said in its Bursa Malaysia filing on Nov 26, 2020.

Meanwhile, online reports indicate that the Jimah East power project is a 2,000MW coal-fired electricity-generation plant in Port Dickson, Negeri Sembilan.

It was reported that the Jimah East power project, comprising two coal-fired entities of 1,000MW each, is owned and run by Jimah East Power Sdn Bhd (JEP), which is a 70%-owned subsidiary of TNB.

It was reported that Mitsui & Co Ltd and The Chugoku Electric Power Co Inc hold a 15% stake each in JEP.

On Bursa today, TNB's share price rose six sen or 0.57% at 4.04pm to RM10.66 after some eight million shares were traded.

At RM10.66 per share, TNB's market value stood at about RM60.76 billion.

Edited ByChong Jin Hun
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