TNB to gain from recovery in electricity demand

Electricity demand for Peninsular Malaysia continued to recover in the 1Q of 2022, charting a 4% increase y-o-y, led by better commercial and domestic consumption. Its ambitious renewable energy (RE) targets could fuel medium to long-term growth.

PETALING JAYA: Tenaga Nasional Bhd’s (TNB) net profit of RM893.1mil in the first quarter ended March 31, 2022 (1Q22), which was down 6.84% year-on-year (y-o-y) due to higher tax expenses, were within analysts’ expectations.

They noted that electricity demand for Peninsular Malaysia continued to recover in the 1Q of 2022, charting a 4% increase y-o-y, led by better commercial and domestic consumption.