by LYDIA NATHAN
National utility giant Tenaga Nasional Bhd’s (TNB) commitment in delivering excellent services has made them into one of the world’s renowned firms, said Prime Minister (PM) Datuk Seri Mohd Najib Razak.
Najib attributed the company’s success to its well-planned strategies and policies, saying that the government continues to recognise and support its operational plan.
“The organisation is definitely world class, ranking 24th in the world after jumping 15 spots, from number 39 previously,” he said in reference to TNB’s ranking by London-based Brand Finance’s Global Top 50 utility awards or Utilities 50 (2017).
According to the PM, the utility company’s brand value increased by 33% to RM7 billion compared to RM5.26 billion last year. Its current worth stands at RM80 billion “I feel that people who work in TNB are very smart and have been able to keep up with the ever-changing times, be it economic wise or risks management or technology advancement,” he said during TNB’s Hari Raya Aidilfitri celebration yesterday.
Also present at the event were Najib’s wife Datin Seri Rosmah Mansor, TNB chairman Tan Sri Leo Moggie and TNB president and CEO Datuk Seri Azman Mohd as well as TNB staff.
Najib praised TNB for its success in supplying electricity to over 9.2 million users in Peninsular Malaysia, Sabah and Labuan.
Nonetheless, the PM urged TNB to remain updated and responsive to economic movements to remain competive, locally and globally.
Apart from Malaysia, TNB has investments in Turkey, the UK, Saudi Arabia and India.
The company has allocated RM11.4 billion for its capital expenditure and currently has 35,684 employees and pulled in a revenue of RM44.5 billion in its financial year of 2016.
He added that earlier this month, the government had pledged to bear a total cost of RM1.3 billion for the imbalance cost pass-through subsidy of 2.54 sen/kWh, effective July 1, 2017, until Dec 31, 2017.
TNB said the imbalance cost from January to June 2017 of RM523.23 million had resulted in a surcharge of 1.02 sen/kWh, which was mainly due to the rising coal prices in the global market and the ringgit being impacted by foreign exchange.
The PM urged TNB to constantly innovate and assess its strengths and weaknesses from time to time to remain competitive.