Hong Leong Investment Bank (HLIB) Research said it was unperturbed by the surge in energy prices, despite the sharp rise in coal, gas and crude oil prices following escalating geopolitical tensions in the Middle East. Even so, HLIB Research said TNB is protected because actual fuel costs do not immediately feed into its operating cost base. “As a result, we do not expect a near-term surge in fuel costs for TNB,” the research house said. “The introduction of the AFA allows for more timely tariff adjustments, enabling TNB to better manage cash flow during periods of volatile energy prices,” the research house said. “If coal prices continue to rise, TNB’s Genco should enjoy better coal fuel margins and this will likely boost its bottom line,” he told StarBiz.

Source: The Star March 12, 2026 11:52 UTC