It is expected to perform better in the current second quarter ended Feb 2012 due to higher average gas supply from Petronas as well as the RM2bil compensation as part of fuel cost-sharing mechanism.
It has been giving an average 1,100 million metric standard cu ft per day (mmscfd) and its requirement is 1,250 mmscfd. It still need to burn distillates and oil from time to time but burn less of this.
TNB's financial performance would be better, given that it burned less distillates and oil, which was five times more expensive. Previously TNB incurred an additional RM400mil a month to replace the shortfall in gas but the amount would be lower now (Feb 2012).
TNB was expected to record profit once more in the second quarter once it booked the RM1bil that it had received from the Government under the fuel cost sharing mechanism between the Government, TNB and Petronas. TNB reported its third consecutive net loss of RM224.7mil in its first quarter to Nov 30, 2011, against its preceding quarter net loss of RM453.9mil.
TNB had received fully the compensation and would now be able to write-back RM2bil from Petronas and the Government. However, the compensation of RM2bil was only up to October 2011. The three major stakeholders TNB, Petronas and the Government had agreed to share the RM3bil incurred between January 2010 and October 2011.
It still have to burn distillates and oil after October 2011 and are still discussing with the Government on further compensation.
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