Tenaga Nasional Bhd will invest RM9.7 billion over the next five years to build new capacity.
The national utility corporation is currently building two hydroelectric projects in Hulu Terengganu (Terengganu) and Ulu Jelai (Pahang) and a coal-fired power plant in Manjung (Perak).
It is also jointly developing a biomass plant in Jengka, Pahang with Felda Global Ventures Holdings Bhd.
This is to address Malaysia's electricity demand, which is expected to grow by between 3.5-4.6 percent.
TNB president/chief executive officer, Datuk Wira Azman Mohd, said the projects would boost the country’s power capacity by 1,632 megawatts (MW).
“Along with the New Economic Model and the Economic Transformation Programme, demand is set to reach 20,699 MW by 2020 from 15,826 MW in the financial year 2012,” he said at the company’s annual general meeting here today.
Azman said moving forward, TNB aimed to become an energy conglomerate.
TNB chief financial officer/vice president (group finance), Fazlur Rahman Zainuddin, said the RM9.7 billion investment for the new capacity would be on a combination of debt and equity.
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