Tenaga Nasional Bhd (TNB) has asked global energy stakeholders and the public and private sectors to work together and use each other's best practices to create a sustainable future.

Datuk Baharin Din, the president and CEO of TNB, said at Enlit Europe 2022 in Frankfurt, Germany, that energy is the main force behind the change as the world changes.

At the same time, he said that the most difficult part of the energy transition is still the trilemma of energy equity, environmental sustainability, and energy security.

"For developing countries, the key to an ideal energy system is still to find a way to balance the energy trilemma, which means making sure that people have access to energy that is both cheap and reliable," he said.

“Thus, we believe that managing these challenges will require a gradual transition. Governments will be key in this transition by helping introduce innovative financing schemes and policies that ease the transition and reduce risks,” he said, as reported by Bernama.

He stated that Malaysians enjoy some of the most competitive energy pricing in South-East Asia and that TNB's System Average Interruption Duration Index is 45 minutes, which is currently on par with the world's best-developed countries.

TNB sees the energy transition (ET) as both a challenge and an opportunity.

The difficulty is meeting the increased expectations of the company's shareholders and stakeholders while quickly transitioning to a lower-carbon environment, he said.

In addition, he stated that Asean recognises the significant interconnection among European countries, which has resulted in the supply of numerous values, such as resource sharing while controlling the fluctuation of renewable energy (RE).

Referring to the cost-saving benefits enjoyed by early adopters of renewable energy in Europe over the last two decades, he stated that TNB has been working with the regional Asean Power Grid to expand connectivity to gain a similar advantage.

“TNB is keen to explore opportunities for partnerships and investments with its European Union counterparts to deploy electric vehicles (EVs), embark on hydrogen, and expand decentralised RE,” he said.

Baharin said TNB Malaysia plans to spend RM20 billion on capital investments every year for the next 28 years to help the country reach its goal of being net zero.

He also said that TNB is eager to talk with other people in the European power supply industry about possible partnerships and investments, as well as ways to use technology to help businesses grow sustainably.

He explained that attempts to accelerate TNB's sustainability programme are centred on responsible energy transition in four key areas.

“These initiatives cut across the electricity value chain, from transitioning power generation to cleaner sources, enhancing the Grid of the Future to enable more green solutions, and facilitating consumer participation in the energy transition, including through EV adoption,” he added.

The three-day Enlit Europe 2022 event, which concluded on December 1, brought together thought leaders, visionaries, top authorities, and energy industry specialists.

Over 4,000 participants from like-minded organisations and industry leaders from around the world gathered at the summit to collaborate, develop, and explore the most pressing issues in the energy sector.

For more environmental news

Source: Tenaga Nasional Bhd