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Investor Presentation INVESTOR PRESENTATION COE – INVESTOR RELATIONS 01 INTRODUCTION TO TENAGA 02 REGULATORY AGENDA 03 BUSINESS STRATEGY & DIRECTION 04 DIVIDEND POLICY 05 FY2020 OUTLOOK 06 APPENDIX INTRODUCTION TO TENAGA Regulatory & Shareholding Structure REGULATORY & SHAREHOLDING STRUCTURE LEADERSHIP POSITION PRIME MINISTER / TNB Market Cap CABINET As at 25th Nov 2020: RM62.6bn • Ranked 1st for Utilities Company • Ranked 3rd in KLCI Shareholders Policy Maker Sabah Electricity Ministry of Energy and Natural Ministry of Finance Holds Sdn Bhd (SESB) ‘Golden’ Resources (KeTSA) (83% owned by TNB) Share a) Khazanah Dependable Capacity: 1,223MW b) PNB c) EPF 70.1% Implementor Tenaga Nasional Bhd (TNB) d) KWAP ENERGY COMMISSION (Regulator) e) Other Govt. Agencies - Promote competition - Protect interests of consumers Local Corp. & Retail 15.6% - Issue licenses MALAYSIA - Tariff regulation Foreign 14.3% Market Participant Sarawak Energy Bhd Tenaga Nasional Berhad IPP (SEB) CONSUMERS 3 Note: Data / Info as at 30th Sept 2020 3 INTRODUCTION TO TENAGA Regulated & Non-Regulated Business Generation Grid/Transmission Distribution Network & Retail Non-Regulated Business Regulated Business TNB Generation Mix: Installed Capacity: Distribution Network Length: 25,122MW Transmission Network Length: 683,008KM TNB: 14,591MW @ 58.1% Solar 0.1% IPP: 10,532MW @ 41.9% 23,964KM Distribution Substations: Hydro 5.5% Generation Market Share: 83,467 61.5% Transmission Substations: Core Business Core 456 Gas & LNG 28.4% SAIDI: Equivalent Availability Factor 33.9mins (EAF): Transmission System Minutes: Coal 65.9% 88.3% Customer Satisfaction Index (CSI): Note: TNB installed capacity & Market Share 0.05 mins are based on gross capacity 8.1 Source: TNB Data / Info as at Sept 2020 Main Subsidiaries Non-Regulated Business Operation &Maintenance (O&M) Renewables, Energy Efficiency & Other Services Education & Research • TNB Repair & Maintenance Sdn. Bhd. (REMACO) • TNB Renewables Sdn. Bhd. • TNB Integrated Learning Solution Sdn. Bhd. Core Business Core - • GSPARX Sdn. Bhd. (ILSAS) Manufacturing • TNB Energy Services Sdn. Bhd. • TNB Research • TNB Engineering Corporation Sdn. Bhd. • University Tenaga Nasional (UNITEN) Non • Tenaga Switchgear Sdn. Bhd. • Integrax Bhd. • Malaysia Transformer Manufacturing Sdn Bhd. • Allo Technology Sdn. Bhd. • Tenaga Cables Industries Sdn. Bhd. 44 INTRODUCTION TO TENAGA Vertically integrated utility company serving more than 9mil customers throughout Peninsula Malaysia TNB Sectoral Sales Analysis* 0.9% 1.6% 2.1% Total 82,283.6 GWH Unit Sold 24.0% 27.5% Total RM180.5bn Assets 81.8% 38.3% 32.4% Total TNB: 9.3mn Customers SESB: 0.6 mn 36.0% 38.0% 0.3%, Industrial 17.0% Total 35,698 Employees NO OF CUSTOMER SALES (RM) SALES (GWH) Industrial Commercial Domestic Others Note: Data / Info as at Sept 2020 * Peninsular Malaysia only (TNB exclude SESB and other subsidiaries) 55 INTRODUCTION TO TENAGA Electricity demand is in line with GDP; 3QFY’20 maximum demand neared prior year level reflects improved economic traction TNB (Peninsula) Maximum Demand 3QFY’20 3QFY’19 Variance (%) Maximum 16,570 16,894 (1.9) Demand (GWh) TNB (Peninsula) Yearly Peak Demand * MW 18,808 18,566 18,338 17,788 17,790 *Recorded at: 10 Mar’20 16,901 16,822 at 1630hrs 16,562 15,826 15,476 FY'11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 Note: i. Data / Info as at Sept 2020 ii. Peninsular Malaysia only (TNB exclude SESB and other subsidiaries) 66 INTRODUCTION TO TENAGA TNB’s global presence in six countries • 55% equity ownership in Vortex Solar Investments S.à.r.l, United 24 operational solar PV farm portfolio of 365MW (May 2017) Kingdom United • Tenaga Wind Ventures UK Ltd, 53 operational onshore wind Kingdom portfolio of 26.1MW (Feb 2018) • 30% equity ownership in GAMA Enerji A.Ș. (Apr 2016) Turkey Turkey • Assets include 853MW (gas), 117.5MW (wind) & 131.3MW (hydro) Pakistan Kuwait • 6% equity ownership in Shuaibah Independent Water & Power India Project (IWPP)(Aug 2005) Saudi Arabia Saudi Arabia • REMACO O&M Services for 900MW Shuaibah IWPP (Jan 2010) • REMACO O&M for 225MW Sabiya Power Generation & Water Distillation Plant (July 2014) Kuwait • REMACO O&M for Shuaiba North Co-Gen 900MW Power; 204,000 m3/day water (Sept 2013) • REMACO O&M for 240MW Doha West Water Distillation Plant (Nov 2016) FOCUS ON GROWING RENEWABLE ENERGY • Liberty Power Ltd 235MW (Sept 2001) BUSINESS IN SPECIFIC MARKETS BY LEVERAGING Pakistan • REMACO O&M Services - Bong Hydro Plant (May 2011) • REMACO O&M Services - Balloki Power Plan (July 2018) ON ITS INTERNATIONAL AND DOMESTIC • India 30% equity ownership in GMR Energy Ltd (Nov 2016) EXPERIENCE, CAPABILITIES AND ASSETS • Assets include 1,915MW coal, gas and solar plants 77 01 INTRODUCTION TO TENAGA 02 REGULATORY AGENDA 03 BUSINESS STRATEGY & DIRECTION 04 DIVIDEND POLICY 05 FY2020 OUTLOOK 06 APPENDIX INCENTIVE BASED REGULATION (IBR) A Mechanisms For Tariff Setting With Incentives To Improve Efficiency & Greater Transparency Non – Regulated Regulatory Environment: (competitive bidding environment) 1. Clear and Transparent Regulatory Framework Clear and transparent regulatory framework governed by the Energy Commission provides investors with confidence in TNB’s cash flow visibility 2. Consistent and Clear Returns Regulatory WACC of 7.3% provides consistent and clear return to debt and equity holders 3. Shield against Uncontrollable Swings Imbalance Cost Pass-Through mechanism shields Tenaga against uncontrollable swings in input costs, with a review every 6 months 4. Incentives for Operational Efficiencies Incentive / Penalty mechanism provides clear incentives for TNB to achieve operational efficiencies Regulated Source: Energy Commission (EC) 99 INCENTIVE BASED REGULATION (IBR) Regulatory Period 2 AverageAverage Tariff Tariff by by EntitiesEntities (sen/kWh) (sen/kwh) Fuel Parameters COAL USD75/MT (RM14.47/mmbtu @ RM4.212/USD) BaseBase tariff tariff for RP2 for RP2 (sen/kWh)(sen/kWh) RP1 : USD87.5.MT @ RM3.100/USD LNG RM35/mmbtu RP1 : RM41.68/mmbtu REGULATED RM24.20/mmbtu (Jan’18 - Jun’18) RM25.70/mmbtu (Jul’18 - Dec’18) Single Buyer Single Buyer Grid System Transmission Distribution Customer Base Tariff GAS RP2 Forecasted Gas Generation Operations Operator Network service/ @1,000mmscfd RM27.20/mmbtu (Jan’19 - Dec’20) Utilization: 840 mmscfd Retail RP1 : RM15.20/mmbtu – RM22.70/mmbtu RP2 Parameters Average Tariff by Sectors (sen/kwh) WACC TARIFF CAPEX 7.3% 39.45 sen/kwh RM18.8bn* Commercial 46.93 47.92 RP1 : 7.5% RP1 : 38.53 sen/kwh (approved CAPEX) RP1 : RM15.7bn Base Tariff 39.45 OPEX AVG. RAB (Closing CAPEX) 38.53 RM18.2bn RM54.8bn *Special project approved Industrial 36.85 36.15 (approved CAPEX) (avg. RAB in 2020 ➢ 1.5 million smart meters in homes ➢ 367,00 LED streetlights RP1 : RM16.9bn RP1 : RM43.6bn 32.95 ➢ Fibre Optic network development for Domestic (Closing CAPEX) 31.66 RP2 RP1 (Closing RAB) energy security & reliability RAB : Regulated Asset Based 1010 INCENTIVE BASED REGULATION (IBR) Interim Year 2021 Regulatory Period Timeline INTERIM YEAR RP2 (2018 – 2020) 2021 RP3 (2022 – 2024) 2018 2019 2020 2021 2022 2023 2024 ➢ Energy Commission (EC) has agreed for RP3 to be in 2022-2024, and RP2 to be extended (FY2021 – Interim year). ➢ This is to allow TNB and EC to understand and determine: a) The starting base of demand and CAPEX for the next RP. b) Better fuel prices forecast to minimise huge fluctuation in the ICPT. ➢ EC has accepted TNB’s proposal on the interim year for 2021. In general, it will be similar as per RP2 in term of the yield and will have the same level of base tariff and average CAPEX ➢ TNB is expected to received EC’s Interim Year final determination by end of 2020 after obtaining the cabinet’s approval. 1111 01 INTRODUCTION TO TENAGA 02 REGULATORY AGENDA 03 BUSINESS STRATEGY & DIRECTION 04 DIVIDEND POLICY 05 FY2020 OUTLOOK 06 APPENDIX REIMAGINING TNB TNB's strategic aspiration – a key enabler is the corporate structure 4 STRATEGIC4 STRATEGIC PILLARS PILLARS Future Generation Future Grid of the Future Winning the Customer Sources Proof Regulations • Growing TNB’s renewable capacity • Upgrading existing network • Enhance experience through all • Working together with key • Expansion of capacity into selected infrastructure into a smart, customer journeys stakeholders towards a stable and international strategic markets with automated and digitally-enabled • Growth through innovation of new sustainable regulatory landscape strong growth prospects network solutions and service offerings • Improving performance of existing • Optimising network’s productivity, • Strengthen digital presence via generation fleet efficiency and reliability digital solutions, interactions and • Leveraging innovation in the enterprise network to transform customer experience TNB Power Generation TNB Retail Sdn Bhd (TPGSB) Sdn Bhd Operation Date: Operation Date: October 2020 (completed) January 2021 1313 REIMAGINING TNB TPGSB’s three key uplift strategies focusing on performance, growth & efficiency Performance & Growth Efficiency Performance • Turnaround • Digital • Productivity • Achieve high reliability for key • Unlock asset potential and • Implement digital strategy and • Enhance workforce assets enhance performance of deploy efficiency measures to productivity • Ensure no forced outages TNB’s generation power contribute to group • Reskill and re-deployment of plants through: sustainability workforce o cost savings • Optimise heat rate through Growth o cost avoidance digital levers and drive • Capture new plantup and o better inventory intelligent
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