,However, the pace of recovery is yet uncertain, said its president and chief executive officer Datuk Baharin Din.(pic)
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PETALING JAYA: Tenaga Nasional Bhd expects demand for electricity to also recover in 2021, along with the local economic recovery with the ongoing vaccine deployment.
However, the pace of recovery is yet uncertain, said its president and chief executive officer Datuk Baharin Din.
Baharin, who assumed the role at the helm on March 1, said that due to the setbacks in 2020, the utility group had suggested an extension of the Regulatory Period 2 (RP2) for a year.
“This was approved by the Government, hence RP2 will be effective until end-2021.
“We have submitted our proposal for RP3 to ensure its relevancy to the new normal that has been shaped by the pandemic, ” he said in TNB’s 2020 Annual Report.
He said the group will also be working with the government and regulators on the review of the Malaysian Electricity Supply Industry (MESI) 2.0 Reforms, which have been necessitated by the drastic economic slowdown experienced in 2020.
Having refreshed its 10-year strategic plan, he said TNB will focus its attention on the ongoing energy transition, ensuring that it builds the capacities to provide sustainable energy solutions in Malaysia and the international markets it is in.
“The establishment of separate entities to manage our generation and retail operations will support this aspiration.
“We believe, moreover, that investments towards achieving an effective energy transition will contribute positively to the national economy, ” he said, adding that it is estimated that the RE industry generates 2.5 times to 3 times more employment per dollar of investment than fossil fuel technologies.
“Along with our strategy refresh, we have set the target of increasing our RE capacity to 8,300 megawatts (MW) by 2025, inclusive of large hydro projects.
“As at end-2020, we had achieved 3,398.2MW of RE capacity, of which 2,732.3MW is within Malaysia and 665.9MW international, ” he said.
In 2020, the group had started operations of its second large scale solar (LSS) project – a 30MW plant in Bukit Selambau, Kedah. Notbaly, the plant was completed 114 days ahead of schedule, he said.
“Domestically, we will focus on the development of more large hydro, rooftop solar and dispatchable RE capacity.
“We are currently in discussion with Suruhanjaya Tenaga (pic below) on the terms and conditions for the Nenggiri large hydro plant, which will have a capacity of 300MW, while our TNB Renewables Sdn Bhd has been shortlisted for the development of 50MW of the fourth large-scale solar (LSS4)@ MEnTARI, ” he added.