FUEL COST SHARING MECHANISM - CONFIRMATION ON AGREED PROPOSAL AND WAY FORWARD
Tenaga Nasional Berhad (“TNB”) wishes to announce that it has received a letter from the Government that provides a fuel cost sharing mechanism to address the current increased cost borne by TNB due to the gas shortage. Presently, TNB is facing a higher operational cost due to the extra cost of generation arising from running the power plants on expensive alternate fuels and power import from Singapore and Thailand.
The letter provides that TNB, PETRONAS and the Government will each equally share the differential cost incurred by TNB due to dispatching on alternative fuels and also imports, from 1 January 2010 until 31 October 2011 amounting to approximately RM3.069 billion.
In view of the urgency of the matter and the critical financial situation facing TNB, TNB will be liaising as soon as possible with the relevant parties to implement this mechanism.
This announcement is dated 1 December 2011.
Source: Bursa Malaysia
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