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KUALA LUMPUR: Tenaga Nasional Bhd (TNB) will invest around RM20 billion per year over the next 28 years as capital expenditure (Capex) for initiatives to fast-track its Energy Transition Plan that aspires to reduce its emissions intensity to net zero by 2050.

President and chief executive officer Datuk Ir Baharin Din said the investment would pave the way for TNB’s journey towards its net zero aspiration and open opportunities in more than doubling its earnings before interest and taxes (EBIT).

"This responsible energy transition journey will bring positive business growth to the group even as we accelerate our efforts to decarbonise,” he said in a filing with Bursa Malaysia today.

He said as TNB continued to invest in the "Grid of the Future”, the utility giant would grow its regulated asset base to RM100 billion by 2050.

Baharin said the company would pursue regional interconnection that allowed for a wider reallocation of renewable energy resources and helped decarbonise the ASEAN power system as well as strengthen the security of supply.

He said the grid would provide the company with potential earnings of RM7 billion by 2050.

"With a strong, interconnected and resilient ASEAN Power Grid, ASEAN countries can transfer energy from areas with abundant energy generation at a time when other parts face a shortage.

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"This would enable the region to integrate different sources of renewable energy (RE) with complementary supply profiles, facilitating the decarbonisation of ASEAN power systems,” he said.

Besides the National Grid, Baharin said TNB is taking three other initiatives to fast-track its sustainability agenda, involving its wholly-owned TNB Power Generation Sdn Bhd (TNB Genco), TNB’s New Energy Division (NED) and electric vehicles (EV) under its Project Management Office (PMO).

On TNB Genco, he said the acceleration of TNB’s decarbonisation plan would increase the enterprise value of TNB Genco for the possibility of an initial public offering (IPO).

"TNB Genco aims to capture an estimated RM40 billion in revenue from the domestic generation market by 2050,” he said.

Additionally, he said TNB is exploring gas and hydropower projects in ASEAN with a target share of 800 megawatts (MW) capacity by 2050.

On RE portfolio expansion, he said NED is targeting 14.3 gigawatts (GW) capacity by 2050 with an equity investment of US$7 billion (US$1=RM4.46).

"NED’s strategy is to increase investments in large-scale solar as well as the onshore and offshore wind with a focus on existing markets in Malaysia and the United Kingdom and new markets in Spain, Ireland, France, Thailand, Philippines, Vietnam, Australia, Taiwan and South Korea,” he said.

On EV, Baharin said TNB’s focus is on developing the EV ecosystem as part of its efforts to bring consumers along the energy transition journey.