KUALA LUMPUR (Dec 1): TENAGA NASIONAL BHD [] (Tenaga) has received a letter from the government that provides a fuel cost sharing mechanism to address the utility's increased cost due to the gas shortage.
In a filing to Bursa Malaysia Securities on Thursday, Tenaga said that the letter provided that Tenaga, Petronas and the government would each equally share the differential cost incurred by Tenaga due to dispatching on alternative fuels and also imports, from Jan 1, 2010 until Oct 31, 2011 amounting to approximately RM3.07 billion.
'Presently, Tenaga is facing a higher operational cost due to the extra cost of generation arising from running the power plants on expensive alternate fuels and power import from Singapore and Thailand.
'In view of the urgency of the matter and the critical financial situation facing Tenaga, Tenaga will be liaising as soon as possible with the relevant parties to implement this mechanism,' it said.
In a filing to Bursa Malaysia Securities on Thursday, Tenaga said that the letter provided that Tenaga, Petronas and the government would each equally share the differential cost incurred by Tenaga due to dispatching on alternative fuels and also imports, from Jan 1, 2010 until Oct 31, 2011 amounting to approximately RM3.07 billion.
'Presently, Tenaga is facing a higher operational cost due to the extra cost of generation arising from running the power plants on expensive alternate fuels and power import from Singapore and Thailand.
'In view of the urgency of the matter and the critical financial situation facing Tenaga, Tenaga will be liaising as soon as possible with the relevant parties to implement this mechanism,' it said.
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