(MENAFN) Tenaga Nasional Berhad (TNB), a Malaysian electric utility company, announced on Wednesday that it will spend around 20 billion ringgit (4.48 billion dollars) annually over the next 28 years to accelerate its energy transformation plan and reach net zero emissions by 2050.
The investment will assist TNB get closer to its goal of achieving net zero and will help more than double its earnings before interest and tax, according to a statement from TNB President and CEO Dato' Indera Ir. Baharin.
"This responsible energy transition journey will bring positive business growth to the group, even as we accelerate our efforts to decarbonize," he highlighted.
He declared that the business would increase its regulated asset base to 100 billion ringgit (22.38 billion dollars) by 2050 in order to continue investing in the Grid of the Future program, which aims to guarantee a steady supply of power for Malaysia.
"We will pursue regional interconnection that will allow for a wider reallocation of renewable energy resources that will help decarbonize the ASEAN power system as well as strengthen the security of supply. The grid will provide the group with potential earnings of 7 billion ringgit (1.57 billion dollars) by 2050," he added.
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