ASEAN KEY DESTINATIONS
Malaysian utility confident in 2011
"We will focus our efforts on growing our earnings base by exploring more investment opportunities abroad.
"We will undertake the necessary due diligence and professional assessment of the risks and profitability involved in venturing abroad," said Chairman Tan Sri Leo Moggie in the company's annual report released in conjunction with TNB's annual general meeting here Wednesday.
Asean, Middle East and North Africa are among regions that have been earmarked.
To date, Tenaga has invested in Liberty Power Ltd IPP project in Pakistan and the Shuaibah III IWPP project in Saudi Arabia while subsidiaries like TNB Engineering Corporation and REMACO are fulfilling contracts in Abu Dhabi and Pakistan, respectively.
Meanwhile, President and Chief Executive Officer Datuk Seri Che Khalib Mohamad Noh also said in the annual report that Tenaga would continue to carry out the necessary measures to mitigate unpredictable operating costs while improve operational efficiencies.
"Our financial condition and ability to make future investments in a timely manner will depend to a great extent on how well we manage increases in fossil fuel supply costs," he said.
Speaking a press conference later, Che Khalib said in the first-quarter ended Nov 30, 2010, electricity demand increased five per cent.
"The first-quarter results are relatively strong. Our concern is going forward, as we all know coal prices have gone above US$100 and the latest settlement of a Japanese power utilitiy with Indonesia is US$115.
"So, the concern is over higher coal prices," he added.
As for nuclear power, Che Khalib said it was keeping its options open and have not decided on a specific technology as yet.
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