TNB positioned to benefit from Malaysia’s energy transitionTNB有望成为马来西亚能源转型的主要受益者

01The Story新闻事实

Tenaga Nasional Bhd’s Kenyir hybrid hydro floating solar project is on track to qualify for Malaysia’s accelerated Corporate Renewable Energy Supply Scheme, reducing its system access charge for the first 10 years. TNB is also evaluating additional floating solar and pumped-storage opportunities as demand from data-centre operators increases and renewable-energy development expands.Tenaga Nasional Bhd的Kenyir混合水电漂浮式太阳能项目有望符合马来西亚加速企业可再生能源供应计划的资格，使其前10年的系统接入费下降。随着数据中心运营商对可再生电力的需求增加，TNB也在评估更多漂浮式太阳能及抽水蓄能机会。

• The Kenyir hybrid hydro floating solar project is described as a 595MW project, with Phase 1 listed at 59MW/785MWp.Kenyir混合水电漂浮式太阳能项目被描述为一个595兆瓦项目，其第一期规模列为59兆瓦/785兆瓦峰值。
• Phase 1 is targeted to achieve commercial operation in the fourth quarter of 2028, meeting the accelerated scheme’s Dec 31, 2028 eligibility deadline.第一期计划于2028年第四季度投入商业运营，从而满足加速计划规定的2028年12月31日资格截止日期。
• The project’s system access charge would fall to 14 sen per kWh for the first 10 years, from the previously agreed 20 sen per kWh.该项目前10年的系统接入费将从此前议定的每千瓦时20仙降至14仙。
• TNB has shortlisted five other reservoirs with potential to add more than 1.9GW of hybrid hydro floating solar capacity.TNB已筛选五座其他水库，潜在新增混合水电漂浮式太阳能容量超过1.9吉瓦。
• TNB is considering floating solar at the new Nenggiri hydro reservoir and exploring pumped-storage hydropower integrated with floating solar.TNB正在考虑在新的Nenggiri水库部署漂浮式太阳能，并探索与漂浮式太阳能结合的抽水蓄能水电项目。
• TNB shares traded at RM13.06 at the time of writing, down 5.2% year-to-date.截至文章发布时，TNB股价为13.06令吉，年初至今下跌5.2%。

TNB’s regulated grid role and expanding renewable-energy pipeline could give it multiple avenues to participate in Malaysia’s energy transition.TNB受监管的电网业务地位及不断扩大的可再生能源项目储备，可能为其参与马来西亚能源转型提供多条路径。

024 Dimensions维度分析

03Timeline时间线

1. 2026-10-05 The Star reported that TNB’s Kenyir project was on track for the accelerated renewable-energy scheme.《The Star》报道称，TNB的Kenyir项目有望符合加速可再生能源计划的资格。
2. 2028-12-31 The accelerated scheme’s eligibility deadline for commercial operation.加速计划规定的商业运营资格截止日期。

Key takeaway核心结论

TNB’s immediate advantage is the potential reduction in Kenyir’s access charge, while its longer-term opportunity depends on expanding projects, corporate demand and regulatory clarity.TNB眼下的优势在于Kenyir项目接入费可能下降，而其长期机会取决于项目扩张、企业需求及监管安排的明确性。

04What to Watch后续关注

1. Whether Kenyir Phase 1 achieves commercial operation by the Dec 31, 2028 deadline.Kenyir第一期能否在2028年12月31日截止日期前投入商业运营。
2. The outcome of negotiations on passing system access charge savings to the offtaker.将系统接入费节省传递给购电方的谈判结果。
3. Whether TNB advances the five additional reservoir opportunities and the Nenggiri pumped-storage concept.TNB是否推进另外五座水库的项目机会及Nenggiri抽水蓄能构想。
4. How the government designs the post-December 2026 automatic fuel adjustment framework.政府将如何设计2026年12月之后的自动燃料调整框架。

05Uncertainties不确定因素

• The timeline for any pumped-storage hydropower development at Nenggiri has not been disclosed.Nenggiri抽水蓄能水电项目的开发时间表尚未公布。
• Passing the system access charge savings to the offtaker remains subject to negotiations and the power purchase agreement.将系统接入费节省传递给购电方仍取决于谈判及购电协议条款。
• The design of the post-December 2026 automatic fuel adjustment framework remains uncertain.2026年12月之后自动燃料调整框架的具体设计仍不确定。

06Sources信息来源

1. TNB seen as key beneficiary of Malaysia’s energy transition push | The StarTNB seen as key beneficiary of Malaysia’s energy transition push | The Star The Star · 2026-10-05

Share this analysis 分享此深度分析