KUALA LUMPUR: Affin Hwang Capital research believes the overall profitability of Tenaga Nasional Bhd remains relatively unchanged despite an expected contraction in demand, owing to the guaranteed demand growth of the revenue-cap entities.
Under the Incentive Based Regulation (IBR) for Regulated Period 2, revenue-cap entities are guaranteed a demand growth of 1.8% to 2% year-on-year (y-o-y), which should help to offset the 7% drop in demand expected in 2020.
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