KUALA LUMPUR, April 9 — Tenaga Nasional Bhd (TNB) expects demand for electricity to recover in 2021 along with the economic recovery.

President/chief executive officer Datuk Baharin Din said the pace of recovery, however, is yet uncertain.

He said due to the setbacks in 2020, the utility giant had suggested an extension of the Regulatory Period 2 (RP2) for a year and was approved by the government, thus, making the RP2 effective until the end of 2021.

"We have submitted our proposal for RP3 to ensure its relevancy to the new normal that has been shaped by the pandemic.

"We will also be working with the government and regulators on the review to the Malaysian Electricity Supply Industry 2.0 Reforms, which have been necessitated by the drastic economic slowdown experienced in 2020,” he said in TNB’s Annual Report 2020.

He said TNB having refreshed its 10-year strategic plan, will be focusing on the ongoing energy transition, ensuring that it build capacities to be able to provide sustainable energy solutions in Malaysia and the international markets.

"The establishment of separate entities to manage our generation and retail operations will support this aspiration.

"We believe, moreover, that investments towards achieving an effective energy transition will contribute positively to the national economy,” he said.

Meanwhile, he said the renewable energy (RE) industry is estimated to generate 2.5-3 times more employment per dollar of investment than fossil fuel technologies.

"Through RE developments, we look forward to playing a key role in the country’s recovery from the pandemic by creating a viable path towards a low-carbon economy,” he added. — Bernama