Tenaga Nasional Berhad is facing higher energy production costs due to rising gas and coal prices. – The Malaysian Insight file pic, June 21, 2022.
Singapore, Indonesia, India, and Australia have revised their tariffs in response to the perfect storm in the power market, in which the Ukraine war, ageing coal power plants, Covid-19 restrictions and winter have all combined to result in a higher demand for energy, and Malaysia is not immune from the ripple effects arising from this situation.
At the end of last year, the price of coal surged to US$200 per tonne, up from around US$50 per tonne in mid-2020. By the end-May 2022, coal prices have risen to US$434 per tonne, with coal accounting for 59% of Malaysia’s key source of electricity generation. TNB Fuel Services sources coal from Indonesia, Australia, South Africa and Russia, but Indonesia accounts for about 65% of TNB’s coal requirements.
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