Tenaga Nasional Among Top Gainers In Early Trade After Bid Wins

KUALA LUMPUR, Feb 16 (Bernama) -- Tenaga Nasional Bhd (TNB) emerged among the top gainers in early trade today after being notified by the Energy Commission (EC) of its successful bids for new generation capacity with regard to four power plants. 

At 9.53 am, the company’s shares rose 12 sen to RM14.08 with 202,700 shares traded.

In a filing with Bursa Malaysia on Friday, TNB announced it had received the four letters of notification (LONs) through its unit TNB Power Generation Sdn Bhd (TNB Genco) on technical and commercial terms.

The LONs confirmed TNB Genco as the successful bidder under the request for proposal for new generation capacity in year 2025 to 2029 for Peninsular Malaysia (Category 1) competitive bid conducted by EC for three power plants and for Peninsular Malaysia (Category 2) competitive bid to develop a power plant.

The plants under Category 1 are the Gelugor Power Station (310-megawatt capacity) and the Putrajaya Power Station (249MW) with a commercial operation date (COD) of Jan 1, 2027 until Dec 31, 2029, as well as the Tuanku Ja’afar PD1 Power Station (703MW) in Port Dickson with COD of Sept 1, 2028 until Dec 31, 2026.

Under the Category 2 competitive bid, TNB and Aurora Power Generation Sdn Bhd plan to develop a new combined cycle gas turbine power plant with a capacity of 1,400MW nominal in Paka, Terengganu

CIMB Securities Sdn Bhd said the green light for the new plant in Terengganu is positive news for TNB, as it could generate about RM200 million per annum of earnings before interest and tax when it is completed in 2029.

“Therefore, we maintain a ‘buy’ call on TNB with an unchanged target price at RM15.10 per share,” it added.

-- BERNAMA