TNB is carrying higher than usual receivables balances

KUALA LUMPUR 1 July - Tenaga Nasional Berhad (TNB) said the recent hike of the fuel prices has resulted in TNB carrying higher than usual receivables balances and that the national utility company are managing closely the receivables.

In a statement today, TNB said the recent announcement by the Prime Minister has again proven the support of the Government in upholding the ICPT mechanism and has provided a total subsidy of RM11.7 billion through 16 cycles since 2015 where TNB continues to remain neutral from the variations in fuel prices.

"TNB is confident in the Government's commitment on the ICPT mechanism and the full recovery of additional generation costs.

"This is important as it will allow TNB to continue to provide reliable supply of electricity to the Rakyat and the Nation," said TNB in a statement entitled `Goverment Continues to Uphold ICPT Mechanism' in English and Mandarin version to the press.

The Prime Minister had on 24 June 2022 announced the implementation of the Imbalance Cost Pass Through (ICPT) mechanism for the second half of 2022, consistent with the timely implementation under the Incentive Based Regulation (IBR) framework.

The Government continues to uphold the ICPT mechanism for the next six months from 1 July until 31 December 2022.

The Energy Commission released a statement that the tariff remains and to maintain the surcharge at 3.7sen/kWh for non-domestic customers and the rebate of 2 sen/kWh for domestic customers. The Government has agreed to fund the rebate and surcharge totaling RM5.8 billion. - DagangNews.com