investor presentation€¦ · and investment in thermal & renewable energy turkey pakistan...

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Investor Presentation

www.tnb.com.my

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INTRODUCTION TO TENAGA

INCENTIVE BASED REGULATION (IBR)

BUSINESS STRATEGY & DIRECTION

CAPITAL MANAGEMENT

FINANCIAL & TECHNICAL HIGHLIGHTS

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Sabah Electricity Sdn Bhd (SESB)

(83% owned by TNB)Dependable Capacity:

1,290MW

Sarawak Energy Bhd (SEB)

MALAYSIA

Tenaga Nasional Bhd (TNB)

Reg

ula

tory

& S

har

eho

ldin

g St

ruct

ure

PRIME MINISTER / CABINET

MINISTRY of ENERGY, TECHNOLOGY,

SCIENCE, CLIMATE CHANGE AND

ENVIRONMENT (MESTECC)

ENERGY COMMISSION (Regulator)

- Promote competition

- Protect interests of consumers

- Issue licenses

- Tariff regulation

Tenaga Nasional Berhad

Ministry of Finance/

Khazanah Nasional Berhad

i. EPF

ii. PNB

iii. Other Govt.

Agencies

Other Corp. &

Public

Holds

‘Golden’

Share

IPPs

Consumers

Foreign

Shareholders

Policy Maker

Implementor

Market participant

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Generation Grid/TransmissionDistribution Network &

Customer Service

Non-Regulated Business Regulated Business

Subsidiaries

Non-Regulated Business


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Installed Capacity:

24,304MW(TNB: 13,158MW, IPP: 11,145MW)

Generation Mix:

Generation Market Share:

54.3%

57.5%

38.5%

3.9%

0.1%

Coal

Gas & LNG

Hydro

Oil & Distillate

Transmission Network Length:

22,840KM

Transmission Substations:

439

Distribution Network Length:

632,929KM

Distribution Substations:

78,981

Equivalent Availability Factor (EAF):

89.9%

Transmission System Minutes:

0.35 mins

SAIDI:

48.19 mins

Customer Satisfaction Index (CSI):

8.1

Operation &Maintenance (O&M)

• TNB Repair & Maintenance Sdn. Bhd. (REMACO)

Manufacturing

• Tenaga Switchgear Sdn. Bhd.• Malaysia Transformer Manufacturing Sdn Bhd.• Tenaga Cables Industries Sdn. Bhd.

Renewables & Energy Efficiency Services

• TNB Renewables Sdn. Bhd.• GSPARX Sdn. Bhd.• TNB Energy Services Sdn. Bhd.• TNB Engineering Corporation Sdn. Bhd.

Education & Research

• TNB Integrated Learning Solution Sdn. Bhd. (ILSAS)

• TNB Research• University Tenaga Nasional

(UNITEN)

Note: Data / Info as at 4QFY18 (December 2018)

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Expanding Global Footprint To Achieve Aspiration – TNB is currently present in

more than 5 countries


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TNB’S FOCUS ON

INTERNATIONAL EXPANSION

AND INVESTMENT IN THERMAL &

RENEWABLE ENERGY

Turkey

Pakistan

IndiaSaudi Arabia

Indonesia

UnitedKingdom

Kuwait

United

Kingdom

• 50% equity ownership in Vortex Solar

Investments S.à.r.l

• 80% equity ownership in Operational Onshore

Wind Portfolio in UK

• 30% equity ownership in GAMA Enerji A.Ș.Turkey

• 20% equity ownership in a Malaysian Shoaiba

Consortium Sdn Bhd

• REMACO O&M Services for Shuaibah IWPP

Saudi

Arabia

• REMACO O&M for 225MW Sabiya Power

Generation & Water Distillation Plant

• REMACO O&M for Shuaiba North Co-Gen

780MW Power; 204,000 m3/day water

• REMACO O&M for 210MW Doha West Power

Generation & Water Distillation Plant

Kuwait

• Liberty Power Ltd 235MW

• REMACO O&M Services - Bong Hydro Plant

• REMACO O&M Services - Balloki Power Plant

Pakistan

• 30% equity ownership in GMR Energy Ltd

• 30% convertible debenture in Bajoli HoliIndia

• Development of the Sumatra - Peninsular

Malaysia HVDC Interconnection, coal-fired

power & coal mine mouth projects

Indonesia

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TNB Sectoral Sales Analysis*

0.3%

38.5% 40.9%

17.2%

41.2% 34.6%81.6%

18.8% 22.5%

0.8% 1.5% 2.0%

N O O F C U S T O M E R S A L E S ( R M ) S A L E S ( G W H )

Industrial Commercial Domestic Others


Note: Data / Info as at 4QFY18 (December 2018)* TNB exclude SESB

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Total Unit Sold 119,989 GWH

Total Assets RM153.7 bn

Total Customers

TNB: 9.0 mnSESB: 0.6 mn

Total Employees

35,574

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Steady Y-o-Y Sales Growth


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3.1

4.3

3.82.5 2.2 2.5 2.5

2.6

5.35.5

4.7

6.0

5.04.2

5.9

4.7

FY '11 FY '12 FY '13 FY '14 FY '15 FY '16 FY '17 FY '18

Demand Growth GDP%

Average demand growth for FY2016 & FY2017. This is

to eliminate the one-off El-Nino phenomenon during

3QFY’16

1

1

Comparison between Jan’18-Dec’18 and Jan’17-

Dec’17

2

2

GDP & Demand Growth by Financial Year

8

Positive Growth for All Sector


8

529

539

578

554

543

559

565

575

Jan - Mar Apr - Jun Jul - Sep Oct - DecApr-

Jun’17

2Q

FY’18

Jan-

Mar’17

1Q

FY’18

Jul-

Sep’173Q

FY’18

Others

2.6% 3.7% (2.1%)

Domestic

5,9

15

6,2

49

6,5

08

6,1

56

6,0

36

6,6

32

6,6

02

6,2

53

2Q

FY’18

2.0% 6.1% 1.4%

Jul-

Sep’17

3Q

FY’181Q

FY’18

Jan-

Mar’17Apr-

Jun’17

10,6

49

11,2

58

11,1

57

11,3

91

11,1

18

11,7

36

11,7

86

11,8

00

Jan - Mar Apr - Jun Jul - Sep Oct - DecJul-

Sep’17

3Q

FY’18

2Q

FY’18

Jan-

Mar’17

1Q

FY’18

4.4% 5.6%

Apr-

Jun’17

Industrial

9,3

70

10,0

87

9,8

87

9,7

43

9,3

73

10,0

78

9,9

63

9,8

51

Jan - Mar Apr - Jun Jul - Sep Oct - DecApr-

Jun’17

2Q

FY’18

Oct-

Dec’17

4Q

FY’18

Jul-

Sep’173Q

FY’18Jan-

Mar’17

1Q

FY’18

Commercial

0.0% (0.1%) 0.8%

Growth in 2018 (Calendar Year)/ Unit Sales in 2017 / 2018

Gwh Gwh

Gwh Gwh

4.2% 3.6% 1.1%

3.8%1.6%

4Q

FY’18

Oct-

Dec’17

4Q

FY’18

Oct-

Dec’174Q

FY’18

Oct-

Dec’17

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Reducing Trend of Foreign Shareholding


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22.8 28.3 24.4 24.1 24.1 22.3 22.2 20.8

Aug'15 Aug'16 Aug'17 Dec'17 Mar'18 Jun'18 Sept'18 Dec'18

Asia, 39.6%

North America,

38.1%

Europe, 22.0%

Pacific, 0.2%

Africa, 0.1%

28.8

17.0

12.7

6.5

14.2

20.8

Khazanah NasionalBerhad

PermodalanNasional Berhad

EmployeesProvident FundBoardOther GovernmentAgencies

Other Local Corp.& Malaysian Public

Shareholding as at Dec’18

(%)

Foreign Shareholdings (%)

Top 10 KLCI Stocks by

Market Capitalization as at Dec’18

35.7

38.0

41.7

41.8

47.3

54.6

74.3

77.3

96.1

104.8

Axiata

Petronas Gas

Hong Leong Bank

Maxis

IHH Healthcare

CIMB

Petronas Chemicals

TNB

Public Bank

Maybank

Sept’18 : RM87.8bn

(12.0%)

(RM bn)

Note: TNB Latest Market Cap: RM76.8bn (3rd), as at 22nd Feb 2019Institutional: 20.78%

Individual: 0.02%

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Composition of BOD

CHAIRMANTAN SRI LEO MOGGIE

Years of directorship: 14 years

EXECUTIVE DIRECTOR / CEODATUK SERI IR. AZMAN BIN MOHD

Years of directorship: 8 years

Independent Non-Executive Directors (Total = 5) Non-Independent Non-Executive Directors (Total =2)

AMRAN HAFIZ BIN AFFIFUDIN (Khazanah(< 1 Year)

NORAINI BINTI CHE DAN(2 Years)

Expertise: Audit & Finance

JUNIWATI BINTI RAHMAT HUSSIN(< 1 Year)

Expertise: Project Management, Corporate Planning and Human Resource

GEE SIEW YOONG

(2 Years)Expertise: Audit & Finance

GOPALA KRISHNAN A/L K.SUNDARAM

(< 1 Year)Expertise: Law

ONG AI LIN(< 1 Year)

Expertise: Audit & Finance


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DATUK AHMAD BADRI BIN MOHD ZAHIR

(MoF)(< 1 Year)

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CAPITAL MANAGEMENT


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A Mechanisms For Tariff Setting With Incentives To Improve Efficiency &

Greater Transparency

Regulatory Environment:Non – Regulated

(competitive bidding environment)

Regulated


Source: Energy Commission (EC) 12

1. Clear and Transparent Regulatory Framework

2. Consistent and Clear Returns

3. Shield against Uncontrollable Swings

4. Incentives for Operational Efficiencies

Clear and transparent regulatory framework governed by the

Energy Commission provides investors with confidence in TNB’s cash flow visibility

Regulatory WACC of 7.3% provides consistent and clear

return to debt and equity holders

Imbalance Cost Pass-Through mechanism shields Tenaga

against uncontrollable swings in input costs, with a review every 6 months

Incentive / Penalty mechanism provides clear incentives for

TNB to achieve operational efficiencies

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Imbalance Cost Pass-Through (ICPT) Mechanisms Ensures TNB Remain Neutral

Source: Energy Commission (EC)


39.45

Base Tariff under IBR framework comprises of:a) Opex, Depreciation of Regulated Assets

& Tax Expenses of Business Entities- transmission, grid system operation,

Single Buyer operation, distributionnetwork and customer services

b) Power purchase cost charged by generators to the Single Buyer (based on fuel forecast base price)

c) Return on regulated assets (rate base)of Business Entities Reviewed every 3 years

Imbalance Cost Pass-Through (ICPT):a) ICPT is 6-monthly pass-through of

variations in uncontrollable fuel costs and other generation specific costs(imbalance cost) incurred by utility for the preceding 6-month period Reviewed every 6 months

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Principle for ICPT CalculationCost components comprise of

• The ICPT is calculated based on an estimated actual fuel cost and generation specific costs for a particular six (6)months period against the corresponding baseline costs in the Base Tariff.

Base Tariff:RP1 - 38.53 sen/kWhRP2 – 39.45 sen/kWh

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Imbalance Cost Pass-Through (ICPT) Comprises Two Components


Imbalance CostPass-through (ICPT)

Fuel Cost Pass Through (FCPT)

Generation Specific CostAdjustment (GSCPT)

Changes in Gas/LNG and Coal Costs

PPAs Power Purchase AgreementsSLAs Service Level AgreementsCSTA Coal Supply and Transportation AgreementCPC Coal Purchase ContractGFA Gas Framework AgreementGSA Gas Supply Agreement

Changes in:

• Other fuel costs such as distillate and fuel oil• All costs incurred by SB under the power procurement

agreements (PPAs, SLAs and etc.) and fuel procurement agreements (CSTA, CPC,

• Renewable energy FiT displaced cost

RP2

ICPT Announcement Surcharge Period

Jan – Jun’18 RM698.19mn 1.35sen/kWh Jul – Dec’18

Jul – Dec’18 RM948.00mn 2.15sen/kWh Jan – Jun’19

Source: Energy Commission, company presentations, company fillings 14

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New Features in Electricity Tariff Review for RP2 (2018-2020)

*Has yet to be approved and finalized by regulator

*


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IBR Entities

In RP1, these 2 entity are grouped as

Price –Cap entity

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1


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New Base Tariff Under IBR Mechanism RP2


EntitiesRP1

(sen/kWh)Variance

(sen/kWh)

SingleBuyer

Generation 26.76 +0.29

Operation 0.19 -

Grid SystemOperator

0.05 +0.02

Transmission 3.66 +0.37

Distribution 7.87 +0.24

Base Tariff 38.53 +0.92

31.66

36.15

38.53

47.92

32.95

36.85

39.45

46.93

Domestic

Industrial

Base Tariff

Commercial

RP2 RP1

Average Tariff by Sectors (sen/kwh)

Average Tariff by Entities (sen/kwh)

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RP2 Parameters


Coal USD75/MT(RM14.47/mmbtu @ RM4.212/USD)RP1: USD87.5/MT @ RM3.100/USD

LNGRM35/mmbtuRP1: RM41.68/mmbtu

Regulated Gas

@1,000mmscfd

RM24.20/mmbtu (Jan’18 - Jun’18)RM25.70/mmbtu (Jul’18 - Dec’18)RM27.20/mmbtu (Jan’19 - Dec’20)RP1: RM15.20/mmbtu – RM22.70/mmbtu

RP2 Forecasted Gas Utilization: 840 mmscfd

Fuel ParametersWACC

7.3%RP1: 7.5%

Avg. Regulated Asset Based (RAB)

RM54.8bn(Avg. RAB in 2020)

RP1: RM43.6bn (Closing RAB)

CAPEX OPEX

RM18.8bn*(Approved CAPEX)

RP1: RM15.7bn (Closing CAPEX)

RM18.2bn(Approved OPEX)RP1: RM16.9bn (Closing OPEX)

1.5 million smart meters in

homes* Special

Projects

approved367,000

LED streetlights

Fibre Optic network development

for energy security &

reliability

TARIFF

39.45 sen/kwhRP1: 38.53 sen/kwh

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Generation and Customer Mix

Made possible by improved coal plants performance and additional commissioning of coal plants.

Changes in Customer Mix (%) in RP1 (2015-2017)

61%33%

4%1% 1%

0.1%

Coal

Gas

Hydro

RE

LTM

LSS

RP2

RP2 Forecasted Demand Growth: 1.8 – 2.0%


Generation Mix RP1 vs RP2

RP1 ActualRP1 Base

20.6% 22.3%

34.1% 35.1%

43.6% 40.8%

Base IBR RP1 Average Actual IBR RP1

Domestic Commercial Industrial

Coal44%

Coal49%

Note:LTM – Laos, Thailand & Malaysia Interconnection; LSS – Large Scale Solar 19

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The Government has reactivated MyPower to drive MESI Reform 2.0


Security

World class reliability and

security

Tariffs

Customers empowered to

lower bills ~10%

Efficient, Market driven, automated

tariffs

Customer Experience

~30% of accounts are prosumers via

EV & smart homes. Multiple energy services options

Sustainability

~20% of generation from renewables in

medium term

Enabling platform for green economy

Objectives of MESI Reform 2.0

To increase industry efficiency through:

• Greater utilisation of market-based competition

• Reduce government intervention & increase

transparency

• Cost reflective & time based tariff with targeted

subsidies

• Increase cross-border trade

To future-proof industry, structure, regulations and

key processes

to ensure the introduction of market-based

competition, adoption of new technologies,

promotion of RE and EE initiatives will add value to

consumers & improve energy security.

To empower consumers

by facilitating the growth of prosumers, at the same

time incentivising consumers to change their

consumption patterns as and when required.

Aspirations from the public for greater

participation in MESI - MyPower

Source: YB Yeo Opening Speech at CEPSI 2018 & MyPower Presentation by Dato’ Razak 20

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CAPITAL MANAGEMENT


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3 STRATEGIC PILLARS

Shaping Sustainable Future


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International Acquisition - Four International Acquisitions to Support Aspiration

Equity interest of GAMA Enerji A.S.

30%

Assets include a 840MW natural gas-

fired plant and 117.5MW wind plants

Equity interest of GMR Energy Limited.

30%

Assets include 2,298MW coal, gas and

solar plants.

Equity interest of Vortex Solar

Investments S.a.r.l.

50%

Assets include 24 operational solar PV

Farm across England and Wales with net

installed capacity of about 365MW

Vortex Solar UK

Equity interest of GVO Wind Limited &

Blumerang Capital Limited

80%

Assets include 53 operational onshore

medium wind turbines with a total

combined capacity of 26.1MW

Tenaga Wind Ventures


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http://www.gama.com.tr/tr/enerji

http://www.gama.com.tr/tr/enerji

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11th Malaysia Plan (2016-2020)

Evolution on National Energy Policies

2014 : 26.8%

8th Malaysia Plan

(2001-2005)

• RE as the fifth fuel

• Target: 5% RE in energy

mix

9th Malaysia Plan

(2006-2010)

• RE Grid-connectivity

• Target:

o Peninsula 300 MW

o Sabah 50 MW

10th Malaysia Plan

(2011-2015)

• RE installed capacity

• Target: 985 MW of RE

by 2015

Reduction up to 45% in GHGs emission intensity of GDP compared to 2005 level

Formulation of a comprehensive demand side management (DSM) master plan

Renewable energy installed capacity of 8,885MW by 2020

2017: 7,260MW*

NEW RE TARGET SET BY MESTEC

20% of Total Installed Capacity

by 2025

MESTEC = Minister of Energy, Science, Technology, Environment and Climate Change

1979 1980 1981 2001 2009

National Energy Policy

2011

National Depletion Policy

National Fuel Policy

National Fuel Policy

National Green Technology Policy

RE Act and SEDA Act

Government Green Development Plan

• Minimise negative impacts

on the environment

• Promote efficient utilisation

of energy

• Green Technology as the

driver to accelerate the

national economy

• Promote Sustainable

Development

2017: Completed DSM Preliminary Study

* The increase in the total installed capacity of RE is based on the adoption of theASEAN definition of RE by Malaysia in 2016 which takes into account all types of hydroenergy in the calculation without limiting their capacities.


Renewable Generation - Government Green Policy & Initiatives

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• Clean coal plant – Ultra-Supercritical technology

• District Cooling System -Significant cost savings in air-conditioning expenses and environmentally-friendly technology (i.e. KLIA2, IJN, UiTM Seremban 3, BMC Abu Dhabi)

• Demand Side Management -Promote efficiency, increase system reliability and reduce peak electricity demand

Green Projects

• Preserving animal habitat such as Kelah sanctuary and Lampan Sungai fish breeding

• TNB Youth Environmental Education & Awareness Programme focusing on National Elephant Conservation Center at Sungai Deka, Hulu Terengganu.

Biodiversity Management

TNB Green Energy Policy

TNB Environmental Policy

International (284MW)

Domestic (62MW)

• TNB Sepang Solar – 50MW• Biomass (10 MW) JV with Felda

@ Felda Jengka, Pahang• Biogas (3.2 MW) JV with Sime

Darby Plantations, @ Layang-layang, Johor and Bagan Datuk, Perak

• Floating solar in Sg Labu WTP in Sepang - 108kWp

• TNB Vortex Solar, UK - Solar (182.5MW)

• TNB Wind Ventures, UK - Wind (20.9MW)

• GAMA, Turkey - Wind (33.8MW), Hydro (39.4MW)

• GMR, India – Solar (7.8MW)

Renewable Generation

• Strategic partner with Department of Environment (DOE) to promote Guided Self Regulation (GSR) for environmental management within Malaysia.

• GSR is an initiative to transform regulation enforcement and build a culture of better environmental awareness and management.

Environment Management

Commissioned In the pipeline

Domestic

• Bukit Selambau – 30MW• GSPARX Rooftop Solar –

Target 500MW by 2020

Renewable Generation

• GMR Bajoli Holi, India – Hydro (Gross 180MW)

International

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TNB Sepang Solar

50 MWCOD: 19th Nov 2018(Completed)

TNB RE Targets by 2025

1,700MW

TNB Bukit Selambau

30 MWCOD: 31st Dec 2020

As at to date:

International - 280MW

Domestic - 80MW *

Building Renewable Energy Portfolio for Greener Future


Note: PPA Tenure 21 years

Large Scale Solar (LSS)

2726

*exclude RE below 30MW*

Physical Progress: 22%(Planned: 19%)

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Conventional Generation Projects


Jimah East Power

2,000 MWCOD:

U1: 15th June 2019, U2: 15th Dec 2019Physical Progress: 98%

(Planned: 99%)

Coal

Southern Power Generation

1,440 MWCOD:

1st July 2020Physical Progress: 74%

(Planned: 71%)G

as

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CAPITAL MANAGEMENT


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Highest Dividend Payout at 56% of Adjusted PATAMI

Dividend Policy

Distribution of dividend is based on 30% to 60% dividend payout ratio, based on the reported Consolidated

Net Profit Attributable to Shareholders After Minority Interest, excluding Extraordinary, Non-Recurring items

CAPITAL MANAGEMENT

29

10.0 10.0 17.030.3

19.0 22.0

44.0 23.0

FY2015 FY2016 FY2017 FY2018

Interim Dividend Final Dividend

61.0 53.3

Dividend

Payout

(PATAMI)27% 25%

50% 56%

Dividend

Yield

2.6% 2.2%

4.3% 3.9%

FY2018

Group PATAMI

(RM bn)3.72

Net Adjustments*

(RM bn)1.70

Adjusted Group PATAMI

(RM bn)5.42

Distributable Group

PATAMI for Dividend

(RM bn)

3.03

Dividend Payout Ratio 56%

Dividend per

share (sen)

Total 53.27

Interim 30.27

Final 23.00

Dividend

Per Share

(sen)

32.029.0

* Breakdown of adjustments:a) Impairments – RM1.1bnb) FOREX Translation loss – RM0.4bnc) SESB Tariff & Fuel Subsidy – RM0.3bnd) Net Salary Adjustment – (RM0.1bn)

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Gearing Level Registered at 44.8%

CAPITAL MANAGEMENT

30

Total Debt (RM' Bil) 47.8

Net Debt (RM' Bil) 29.6

Gearing (%) 44.8

Net Gear ing (%) 27.7

Fixed : Floating 95:5

Weighted Average Cost of Borrowing 4.98

Final Exposure 4.99

Statis tics 31st

Dec '18

Closing FOREX 31st Dec’18

USD/RM 4.14

100YEN/RM 3.75

GBP/RM 5.27

USD/YEN 110.28

* Net Debt excludes deposits, bank and cash balances & investment in UTF

Note:

Debt consists of Principal + Accrued Interest + Accounting Treatment (FRS139)

** Inclusive of interest rate swap

**

*

RM bn

32.9

6.0

2.5 0.0 0.1

35.4

9.2

2.5 0.6 0.1

RM USD JPY GBP OTHERS

Dec-17

Dec-18

74.1%

19.3%

5.3%1.3% 0.1%

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CAPITAL MANAGEMENT


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Financial Performance Overview for FY’18


32

15.47

13.37

14.66

FY'17 ReportedFY'18

NormalisedFY'18

RMbn

47.42

50.39

FY'17 FY'18

6.16

3.755.44

0.75

FY'17 ReportedFY'18

NormalisedFY'18

REVENUE EBITDA PAT

• Higher revenue due to net

increase in sales of

electricity after other

regulatory adjustments and

ICPT

• Lower EBITDA mainly due

impairment for :

i) GAMA of RM0.50bn

ii) GMR of RM0.30bn

iii) Financial guarantee for GAMA

of RM0.27bn

• PAT further reduced due tosubstantial forex translationlosses of RM0.39bn

• Normalised PAT of RM5.44bnAfter One-Off Adjustments

Other Regulatory Adjustment

allowed to keep (post-tax)

6.91

26.5%32.6%

EBITDA Margin

29.1%

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Consistent Technical Performances


33

Distribution

SAIDI

48.19 minsFY’17 : 50.20 mins

0.35 minsFY’17 : 0.23 mins

Transmission

System Minutes

Equivalent

Plant Availability

Factor (EAF)

89.92%*FY’17 87.30%*

Note :

*The figure is for all TNB plants

Previously, the EAF figure disclosed only include SLA plants and JMJG : 89.94% as at FY’18 / 89.5% as at FY’17

34

DISCLAIMER

All information contained herein is meant strictly for the use of this presentation only

and should not be used or relied on by any party for any other purpose and without the

prior written approval of TNB. The information contained herein is the property of

TNB and it is privileged and confidential in nature. TNB has the sole copyright to such

information and you are prohibited from disseminating, distributing, copying,

re-producing, using and/or disclosing this information.

35

CoE Investor Relations

Group Finance Division

Tenaga Nasional Berhad

4th Floor, TNB Headquarters

No.129, Jalan Bangsar,

59200 Kuala Lumpur, MALAYSIA

+603 2296 6748

+603 2284 0095

[email protected]

www.tnb.com.my

1) Ms. Anis Ramli

+603 2296 6821

[email protected]

2) Mr. Ahmad Nizham Khan

+603 2296 6951

[email protected]

3) Mr. Sathishwaran Naidu

+603 2296 3618

[email protected]

For further enquiries, kindly contact us at:

THANK YOU

Investor Relations Office: Investor Relations Team:

investor presentation€¦ · and investment in thermal & renewable energy turkey pakistan...

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