Kuala Lumpur [Malaysia], August 18: Malaysian electric utility company Tenaga Nasional Berhad (TNB) said Wednesday it will invest around 20 billion ringgit (4.48 billion U.S. dollars) per year over the next 28 years to fast-track its energy transition plan to achieve net zero emissions by 2050.
TNB President and CEO Dato' Indera Ir. Baharin said in a statement the investment will pave the way for TNB's journey towards the net zero aspiration and will help more than double its earnings before interest and tax.
"This responsible energy transition journey will bring positive business growth to the group, even as we accelerate our efforts to decarbonize," he added.
To continue to invest in the Grid of the Future program, which aims to ensure a stable supply of electricity for Malaysia, he said the company will grow its regulated asset base to 100 billion ringgit (22.38 billion dollars) by 2050.
"We will pursue regional interconnection that will allow for a wider reallocation of renewable energy resources that will help decarbonize the ASEAN power system as well as strengthen the security of supply. The grid will provide the group with potential earnings of 7 billion ringgit (1.57 billion dollars) by 2050," he said.
He said the TNB is taking three other initiatives to fast-track its sustainability agenda involving its wholly owned TNB Power Generation, TNB's New Energy Division, and Electric Vehicles under its Project Management Office.
Source: Xinhua
