Contents
Investment summary................................................................................................... 3
Background................................................................................................................. 4
Demand ...................................................................................................................... 5
Industrial sector ..................................................................................................... 6
Other sectors......................................................................................................... 8
Supply ......................................................................................................................... 9
Rising installed capacity ........................................................................................ 9
Reserve margin ................................................................................................... 10
PPA renegotiations ................................................................................................... 12
Tariffs ........................................................................................................................ 15
Revisiting key fuel components ........................................................................... 15
Base tariff ............................................................................................................ 19
Pass-through formula .......................................................................................... 19
Bakun........................................................................................................................ 21
Power transmission lines..................................................................................... 21
Energy policy............................................................................................................. 25
Valuation and recommendation................................................................................. 26
Tenaga Nasional ................................................................................................. 26
Tanjong Plc ......................................................................................................... 27
YTL Power........................................................................................................... 28
Sector now an OVERWEIGHT............................................................................ 28
Company Briefs…..................................................................................................... 30