Ladies and gentlemen, thank you for joining us here physically and virtually via Webex. We will be starting our session in about five minutes. For those who are already here in this hall, we welcome you to take your seat, and we appreciate if you can help us fill in the front row. Thank you! ...This session will be divided into two parts. First, our President and CEO, Dato' Ir. Megat Jalaluddin bin Megat Hassan, will present on TNB's group strategy deployment. Following that, Mr. Nazmi Othman, our Chief Financial Officer, will delve into TNB's first quarter financial year 2024 performance. After these presentations, we will open the floor for questions before concluding the event. Now, let us watch a video showcasing our role and commitment as a national electricity utility in supporting energy transition. Please welcome. Electricity is an essential part of our modern lives. It powers the homes of more than 33 million Malaysians and drives our country's businesses and economy. It has taken true partnership with the government to deliver a reliable electricity system that is on par to developed nations.... However, the global energy landscape is changing rapidly. In May this year, the government set out an ambitious target to achieve 70% renewable energy installed capacity by 2050. As the minister who oversees the electricity supply industry, you have my commitment that I will ensure the fruition of Malaysia's energy transition aspirations through a fair and just implementation process. To ensure that we remain accountable, further upgrades to the grid system in facilitating the intended energy transition is necessary. TNB is committed to enable the National Energy Transition Roadmap and its flagship projects. We are reinforcing and expanding the electricity grid, including our lines, pylons, and substations. We need to connect new solar to towns and cities where the energy is needed. We would empower more than 1 million customers to install rooftop solar on their homes and buildings. To accommodate increasing electricity demand and catalyze new industries, such as hyperscale data centers, we need to build electricity networks at an accelerated rate not seen before. We need to upgrade local infrastructure to manage the increased demand for electric vehicles in target areas. Another challenge is how to run an electricity system that relies on intermittent energy sources. We are preparing energy storage to respond to changing generation patterns and avoid costly network upgrades. Our engineers are developing smarter tools for grid and distribution networks to increase visibility and harness on-ground data to facilitate operations and future network planning. Our customers can also view suitable areas to connect new solar farms with our online renewable energy platform. We will also develop interconnection to regional power grids, to enable energy flow between our ASEAN neighbors and ensure security of supply. These investments in grid infrastructure will create 180,000 new jobs and opportunities for 3,000 local SMEs, generating MYR 30 billion GDP impact in the electricity sector and connected industries. Today's global macroeconomic environment is full of uncertainties, with supply chain risks and increased commodity prices. We are committed to ensure a fair and equitable tariff to the rakyat in these uncertain times. To ease livelihoods and help those who needs it most, we will continue to work closely with the Energy Commission and the government to enhance our tariff designs and protect low-income customers. The IBR framework has allowed us to come this far, providing transparency and stability to the sector. Together, we will accelerate towards a greener future for Malaysians. Towards a better, brighter tomorrow. We hope this video offered valuable insights on TNB's business and the future energy landscape. Now, I am delighted to invite Dato' Ir. Megat Jalaluddin bin Megat Hassan, our President and CEO, to kick off today's session. Please welcome. Assalamualaikum warahmatullahi wabarakatuh, and a very good morning. Salam Sejahtera. First and foremost, thank you very much for being here. The analysts who has been covering the quarterly briefing by Tenaga Nasional, thank you for your providing the time and the passion to be here. Today, we have our CFO, a familiar face. Same time, I'm inviting our Chief Retail Officer, Sheikh Kamal, who will be together trying to provide the best available information to the analysts with respect to how the business of Tenaga as we see it. This year, in the first quarter, we are seeing a number of announcements by the government with respect to the energy and electricity business of the country. The first one is the bidding announced by the Energy Commission with respect to the Large Scale Solar. So this is the fifth edition of the Large Scale Solar development, also called LSS5, and we are seeing a number of characteristic with respect to this LSS5. First, I think the total size of the LSS5 is 2,000 megawatt, significantly bigger compared to the LSS1 to 4. Secondly, we are also seeing the elements of floating solar to be part of the whole scheme of solar generation. And, thirdly, the cap or the maximum per company to bid is actually 500 megawatt. So this significantly reflect the intent of the country to increase the generation mix based on the NETR objective. So Tenaga Nasional, as the leading utility player in the country, will participate in LSS5, and our team is currently preparing the details of the submission in the bidding. So that is the first one. Second, we also see the announcement of the Energy Exchange Malaysia, or it is called ENEGEM. This is to kick-start the potential cross-border energy sales, specifically to Singapore. The government has named Single Buyer as the operator of the exchange, an independent operator of the exchange, to facilitate the cross-border energy sales. The Single Buyer has made the announcement that there will be a trial of 100 MW of RE cross-border sales to Singapore as the start of the journey into the what we see as the bigger ASEAN energy exchange that will come into the picture later on. Which will be covering the intent of the ASEAN power grid, as we know it in the past. So this export also provide the industry players like Tenaga, the opportunity for a new industry, and also provide a good catalyst for the industry capacity expansion with respect to RE generation. Thirdly, we also see the Green Electricity Tariff being launched for 2024 with a quota of 6,600 GWh. The offer is at competitive two premium rates: MYR 0.10 per kWh for domestic and low voltage, non-domestic customers, and MYR 0.20 per kWh for medium and high voltage, non-domestic customers. The increased quota provide the customers the opportunity to actually procure green electricity direct from the grid. As of today, we are seeing a subscription level of 41%, mostly coming from the low voltage and also medium voltage customers. Tenaga, through our subsidiary, TNBX, will be promoting and doing the proper marketing, so that the energy users coming from industries, commercial, as well as domestic, are able to purchase the GET. So these are the three elements we believe that will spur ahead the electricity sector for the country, and more importantly, spurring the green electricity sector for the country. Thanks. So coming back to Tenaga, as everyone is familiar, we have the objective of our three pillars as part of growth territory for the future. First is actually to deliver clean energy generation, and this is driven by Genco and our New Energy Division. I'm happy to note that, for Genco, amongst the project we are undertaking at the moment and making a good progress, actually, Nenggiri Hydro Project, we are actually at 30% overall project completion. But for the year of 2024, we are actually at 56% project progress. Meaning that, the project is at a good progress or track at the moment, and we have actually surpassed the most of the difficult element with respect to the hydro project. That's actually the construction phase of the project. So we have surpassed that, so now we are trying to build the hydro plant itself. So a good progress with respect to the Nenggiri Hydro Project. The rest of the Genco project with respect to Sungai Perak, we are finalizing the new PPA. As well as for the co-firing of hydrogen and ammonia, we have completed the feasibility studies for both. So for us, it's actually to GET this track into the phase of a pilot in the future. So that is the scheme of thing that is happening in Genco. For NED, notable achievement, we are expected to commission our 102 MWp of solar greenfield development in the UK by the third quarter of 2024. We are expecting the revenue to come in the third quarter. The corporate PPA, 135 MW, we have started the construction work and expected to complete by 2025. And the recently awarded solar park under NETR, we are going to achieve the financial close very soon. So both of these three projects, locally and overseas, providing a good treasury for Tenaga with respect to growth and grid. So looking at what we have achieved to date, we have secured about 10.5 GW of RE capacity. So at the moment, 4.3 GW is already in operations, while the balance, 6.2 GW, is under concession and then in development. So we are accepted by the fact that with this pipeline of RE capacity, we can also achieve the sustainability of carbon emission. On average, we expect to avoid the emission of 14 million tons of CO2 per annum. So this is our generation business looking forward to making it a good business as we go along. The next will be on our regulated business. This is the core and foundation of our business. So happy to share that, with respect to the CapEx utilization, for the third year of the RP3 period, we are very much in line to achieve 100%. So to date, the utilization is about 25.3% of the total allocated CapEx for the year, which is MYR 6.4 billion. At the same time, we are in direct negotiations with the regulator with respect to the submission of RP4. Here, we will continue the negotiation, and we expect to actually conclude it by year end. And we believe this is one of the drivers that will ensure the continuity and the growth of Tenaga business. So everything is intact with respect to scheduling, and we have a series of engagement with the regulator with respect to RP4, to achieve 6% outcome. We're very much trying to deliver the energy transition while ensuring the security of supply and affordability of the electricity price for the customers. So in greater details, with respect to the regulated business, we have also monitoring the so-called CapEx that attributed directly to energy transition. Again, we have spent 21% of the total CapEx just for energy transition, amounting to around MYR 680 million, out of total CapEx of MYR 3.2 billion. Mostly the project goes to the smart meter installation progress. We... The target is about 600 customers will be installed by, so we installed smart meters. Today, we have achieved about 46%. Next is a distribution automation project. We have achieved 21%, a target of 2,800 substation. We believe, as we go along, we should be able to complete it. And you can see that, this kind of project, what will happen is that, the groundwork started in the beginning of the year. But as we move along in parallel, you see that, the numbers will actually accumulated, especially in the fourth quarter, for the project. The other one is actually volt-var optimization. Again, if you look at the numbers, it is about 9%, but overall, we are confident that this can be achieved towards the end of the year. Once again, I think the normality of this project, we started from zero towards the end of the year. It will be coming to the accumulation of the total, total target. So this is a key achievement with respect to the energy transition CapEx in line what is being targeted for under RP3. Another good performance that we see in the first quarter is on the data centers, which actually drive the demand of electricity for the first quarter. In so far, we have completed nine projects, amounting to several hundred MW. Under the Green Lane Pathway, two projects are completed within the 12 months that we have promised the customer. The customers are Yellowwood Properties, also known as Yondr, and also Princeton Digital Group, a data center, both in the Sedenak Tech Park in Johor. We are extremely happy with respect to this completion of the project. A rule of thumb, 1 MW of this consumption will give us about MYR 50 million of revenue to Tenaga. In the pipeline, there are also 10, let's say, supply agreement that we have signed, with a total capacity of 2,000 MW. We targeted to complete the project, partly, this year, and it will be a spillover to next year in 2025, taking into account of the 12-month period. Two of the biggest customer of data centers are Microsoft, who has signed recently in January 2024, and also Vantage Data Centers, taking at 275 kV. I think the Microsoft will be located in Johor. Vantage will be in. Sorry, I think both will be co-located in Cyberjaya, Cyberjaya and Cyberview. So we are also seeing a good distribution of data centers, not only concentrated in Johor, but they are also coming to the Klang Valley area, the big data centers. Today, we have Microsoft and Vantage. A good growth for Tenaga as we anticipate the balance of 2024. Under the customer pillars, solutions that we provide to the customers, this part making again a good progress in the first quarter. We have secured five main customers, Southern Steel, TDM, Camel, UMS and GEP. These are customers, meaning that there are many premises of these customers that will be installed with a combination of a solar rooftop. And today we see that GSPARX has secured a capacity of 356 MWp, and the target this year is actually to commission hundred and... Sorry, to secure another 160. So hopefully, by the end of the year, GSPARX should have a secured capacity of around 400 megawatts. Because the starting point this year is about 340 megawatts peak. So we are extremely positive GSPARX will achieve those objectives in terms of the numbers and also the commissioning of those installation of the solar rooftop. So another big project for GSPARX is actually our collaboration with Sime Darby Property to commence the so-called solar installation on the roof of a project based on the so-called another scheme, which is based on the rental of the rooftop in the Sime Darby project in Elmina. So we are looking also, if the project and the scheme of, roof rental come into the picture, that will actually expand the, another possibility of a different business model, for GSPARX as we move along on top of the, SARE, business model that we currently have. So this is GSPARX with respect to the, rooftop, installation. Another element that, we are supporting the country is on the, electrification of transport. Here, Tenaga has, two main role. One, we have to spur the electrification, of transport, through installation of, public charging points. And to date, we have commissioned, 36, charging point throughout the country. At the same time, 18 numbers are commissioned in the first quarter of this year. We have a target of 66 towards the end of the year. You can see, on the right-hand side, there is a map of where the locations are. Most of the locations are at the main highway, major town roads, at the place where a lot of activities happen, especially at the shopping mall. You can see that, AEON is one of the place that we have identified to be a good location, and we have the collaboration agreement with AEON to install chargers at the respective AEON mall, together with installation of the solar rooftop. So we are having RE and EV together for a single customer like AEON, and we would like to actually expand this to a greater base of customers going to the market both with RE and EV together. So that is the first part of Tenaga role. And one notable charger that we have commissioned in the last quarter is the at the Juru Sebelah R&R area. This is the first charger up to 200 kW of DC. And so far the take-up rate has been very good. We anticipate a 4% utilization rate. But for this customer, I think he has gone beyond that. So meaning that the payback period or the return on investment can be faster compared to what we have projected. The second part of the Tenaga role is to encourage the other charge point operator to install EV chargers. So to date, we have 148 applications coming from various CPOs for installation of chargers throughout the country. The demand of electricity so far recorded for the application is about 115 MW. So this is another positivity that we see that the EV business is going to take off, and we also see the number of registered vehicle through JPJ in a positive growth. At the same time, Tenaga is also taking our own initiative to electrify our own fleet, and thus far we have procured 108 vehicles to replace the old ICE four-wheel drive into the EV four-wheel drive, and we will pursue the same objective this year based on the asset replacement initiative for the old vehicle that we have taken. So that is the EV business. Again, I think this is a growth business for Tenaga, and it is also providing a good economic stimulus for the country with respect to electrification of transport. So with that, I will pass to our CFO for the financial performance update. Please. Thanks, Dr. Okay. For the financials, other than what we have released last Friday, which we are very detailed, and we've gone through the details, for the long weekend. So what I'll do is just stress a few points that have impacted or have affected the results for the first quarter unaudited, right? So for the first quarter, we saw a good pickup in terms of revenue, a very high pickup in revenue, about 9.9%. That's very, very high. It's mainly coming from industrial and, mainly from commercial and domestic. Though industrial is a bit small pickup, but compared to last year, there's also a pickup of industrial also for the year. So that's a very good sign for the industry. That is a 9.9% is very, very high pickup. And also our investment in the U.K. also has started to give good revenue for us, so that has helped us in terms of our bottom line. Having said that, there are certain events that have occurred or happened during last year and first quarter to last this year that have impacted our bottom line, namely the unplanned outages in Genco with mainly M4. It's a well-known fact. So we are doing everything that we can to be back online. Yeah, so and then we're also doing some recourse if necessary, to minimize the value at risk. Yeah. And also, we also saw during the quarter, because of the higher sales that we have been recording throughout last year and this year, because based on accounting principles, we have to provide a bit more for the ADD for that. That's just accounting, because of the higher sales and the impact of the provision for loss. So we need to provide a bit more for that. That's just accounting. And also, we saw in the year the weakening of ringgit against the dollar. So at December end, we were at 4.5, but quarter end, we are at 4.7, thereabout. So there's some provision that we have to make some translation loss that we have to record for our dollar loan liabilities, the sukuk. And for the quarter, the tax impact for the accounting, this is the accounting and tax impact for the accounting because of the translation loss, that it's not allowable, right? So we have to... That's why the ETR, the effective tax rate, is higher because of that. And also some non-allowable expenses that we had during the year, during the quarter, that we have to account for. So that's accounted for the higher effective tax rate. Other than that, in terms of operation, they are well. We can see that, in terms of the availability factor for Genco, we are still very at high level 75. We have put a target about 78. The difference is coming from M4, namely. In terms of System Minutes Transmission, for the first quarter is almost zero or zero, compared to the threshold that we have set for them, 1.5. And for SAIDI or distribution management for the customer is 7.95 compared to 50. So all in all, technically, that's why we have a very good result in terms of technical, in terms of regulated business. So they are performing very well, but Genco, as we mentioned, and Dr. Megat mentioned just about M4, so this is what we are doing our very best to come back as soon as possible. In terms of working capital, we have collected the MYR 4.7 billion in terms of ICPT due to us last year from the government. Yeah, that is why we are able to manage our receivables, well. The ICPT is about 5.1 compared to 4.7 last year, is because of some fluctuation in the fuel prices and some various, some outstanding that we have for this year, from January to June. We are yet to realize, but it's only MYR 1.4 billion for the six months, but we have been communicating with the government on that one also. For receivables, as I said just now, got higher sales has occurred us, has occurred during the quarter. That's why we have a bit of higher of receivable balance. Now, ICPT, as I said, we have recovered. During the quarter, thanks to our friend, Kamal, sitting at the end there, his collection rate is 113% for the quarter, which is very good. So he's been trending upwards, and been managing that way, so he's been collecting and been able to do that quite well, and very well, in fact, yeah. So that is why we are able to manage the working capital a bit more, and we are really, we are able to manage the load that's due, that we can, we can settle those, more expensive load, so that we can manage the working capital in more effective manner in term of managing our business. ICPT outlook, this is an outlook for the quarter, it's about 4.6, yeah. So but this is just ICPT we are about to collect, and mind you, Tenaga always remain neutral in term of ICPT. So what we are going to do going forward is that we have the coal prices remain neutral. It's about 112, so it's quite stable that way. We didn't see a lot of fluctuation in there. So we should be able to manage our working capital better. We should be able to manage our capital expenditure, the loan requirement for that, and we should be able to have a healthier cash flow for the year. I think with that... And also, I'd like to note, last week and Thursday evening, so S&P have upgraded us from BBB+ to A-, which is good. That's on the premise of the better working capital management and the better collection rate for Tenaga. So based on that, now I pass back to Dr. Megat. Okay, thank you very much, CFO, on the overall and financial performance for Tenaga so far for the first quarter. So the next, I probably provide a brief outlook for 2024. As mentioned, we are expressing a good growth in the first quarter. Quarter-to-quarter growth was 9%, comparatively. So we expect the demand of electricity for this year is going to be strong. We have projected 2.5%-3%. You may think that it is a bit probably conservative from that angle. Yeah, I think we would like to be prudent at this stage. Hopefully, that the actual performance can be better off compared to this, but this is what we are budgeting, in the sense that we will have a good growth compared to what we have last year, and the plan for the first quarter are reflecting those. Second, with respect to CapEx, we are expecting or projecting to spend about MYR 13.8 billion this year. The regulated CapEx should be about 50%-60% of those. The balance are our the non-regulated CapEx involving generations, the solar business, as well as the electric vehicle business that we are in. So in all, MYR 13.8 billion, and we would expect that we are able to actually spend those, with the- in a good discipline. Because as everyone aware, partly that is where our return is, is going to be. So that is the picture of the CapEx, this year. In terms of the, capital management, CFO has mentioned it, just now. I think we will continuously to be proactive with respect to our, capital, management. And the good sign is that the, the coal price is, more or less, stabilized. So we think that, this is, the best place for Tenaga to ensure that our capital allocation are proper, to provide the necessary, growth that, that we want. We are looking at the capital allocation perspective in a very granular manner, trying to address the return perspective locally, as well as some of the overseas investment that we are taking on. Good rating by the S&P last week provides us another opportunity for us to GET the foundation correct with respect to capital allocation and funding for growth. Next item is on Regulatory Period Four. I think everybody anticipates this to be a good one for Tenaga with respect to the objective of energy transition. So as mentioned, we have submitted the RP4 proposal, anchored on six key outcomes, trying to balance the trilemma of energy security of supply, affordability, and sustainability. Together with the proposal is the potential discussion of tariff reform, which Tenaga believe tariff has to be looked at in a fair and equitable manner, so that the whole ecosystem of electricity business will be sustainable in the future. So we are hoping this can be concluded by year end. On top of that, we will continue to deliver value to our shareholders. And one key element that we have seen in the past is the stability of our regulated business that provide us a strong foundation to give the assurance to the shareholders the return will be coming. Putting the performance of regulated business, both on the CapEx as well as the OpEx management, will always be key to Tenaga Nasional. Last but not least, the growth and green, the green perspective of Tenaga. We understand, we are one of the industry player that is very much in the middle of this sustainability game, with respect to our nature of our business. And we have focused on the sustainability of our business, the greening of our business, in more granular manner, for 2024. And today, if everybody understand, last year, the rating of ESG rating for our company was B, BBB by MSCI. So our objective is to GET into the A for 2024. So thus far, in the first quarter, we have made a good progress, and the individual rating of the MSCI for our company, and seems to provide it is a good moving forward for 2034. Then God willing, inshallah, we will achieve a better rating this year, going into the A rating for MSCI. So that's some of the perspective that we have for the balance of the 2024 financial results for Tenaga. So, thank you very much. That's probably the end of my presentation. Yeah. Thank you, Dato' Megat and Mr. Nazmi, for your presentations just now. Let us now transition to the Q&A session. We'll begin by taking questions from the attendees here in the room, followed by those joining us on Webex. For those on Webex, if you have any questions, kindly type your name and the company you represent in the chat box. Our team will unmute you once your turn is up, and then you may address your questions accordingly. With that, I open the floor for questions. You may ask your questions at the microphone stands provided. Hello. Hi, good morning. This is Isaac from Affin Hwang. I have two questions, please. One is that, I mean, we have heard about the introductions of the TPA framework could be getting more detailed in the third quarter. So my question is, how is that gonna affect your business? Will that only come in as part of the RP4 regulation when the revenue front or the CapEx front, or will that be a separate things that we should look at? That's number one. And number two is that, can we have some updates on the ENEGEM? Like, how have you seen the response from the Singapore side so far? Can we GET some color whether you have seen a lot of, like, demands and any indicative on the... Any, any color on the pricing and all those things will be very helpful. Thank you. Okay, thank you very much, Isaac, on the two questions. First, on the TPA framework. I think the regulator or the government has probably give very skeletal framework with respect to the announcement. From Tenaga perspective, this is going to be positive for industry. Whereby the generators, the green generators are able to actually sell the green energy directly with the customers. And of course, it will go through the transmission and distribution line that we currently have. So the meaning of TPA is actually access to the actual network that we have, the transmission and also the distribution network. So this provide a good positivity to Tenaga, because we own and operate the distribution and the grid. So we are expecting a better utilization of the grid itself. And we are also expecting to provide those interconnection facilities because the generation can come from everywhere and somewhere. So meaning that we have the opportunity to actually upgrade the grid to facilitate this TPA. So with respect to the grid business, I think this is going to be good for Tenaga. Opportunity to actually increase the capacity of the grid, the opportunity to build a more resilient and flexible grid. So those are the transmission and also distribution network of Tenaga. Secondly, it also provide a good... Good opportunity for our generation business, in the sense that we can also do the RE generation and GET TPA over to the customer in need. So overall, I think it's going to be positive for Tenaga. Sure, thanks. Just a follow-up on that one. The TPA now we are talking about energy as a whole, not just RE. Is that, is that right to hear? Because, from the newspaper, it sounds like it's a bit more than RE now, the TPA. That's one. Number two is understand on the revenue opportunity and the capital requirement, will that be part of your RP4, is or is, separate in terms of the how should we look at the revenue and the CapEx requirement for this? Thank you. On the first question, as we understand, the RE for the country are coming mostly from solar. Solar has this characteristic of it is distributed all over the place we can generate, which is a good one, a good characteristic. But it also has a limitation with respect to duration and intermittency. So when we talk about TPA as well, yes, so to address the intermittency and the duration, definitely we have to go beyond the RE. So if you look from the perspective of a 24 hours continuous supply, then it has to be a continuous RE and basically non-RE generation. So the non-RE generation actually can come from the grid, because today we actually provide those. So that is going to be the scheme of thing. So if you are going to rely alone on RE, you may not be able to GET the supply continuously for 24 hours. So it's a good combination to have. Second, on the investment with respect to the grid, yeah, definitely we will anchor on those as part of the RP4 to upgrade the capacity to ensure the grid are flexible and resilience to address those intermittencies and the new interconnection facilities that are required for the distributed energy resources. The second question in on ENEGEM. The response so far, yeah. There is a process that Single Buyer has undertaken, and from what we know today, the first process of those process is actually to GET a registration from interested buyer from Singapore. We believe today there are buyers who have registered to actually procure the energy based on the ENEGEM. Since the process is still ongoing, I'm not privy to share beyond that. Thank you. I would like to invite the second analyst to address your questions. Morning. Daniel from Hong Leong. Okay, regarding the TPA again. Just want to check. Okay, if does the TPA actually allow the power generation to directly deal with end user? So existing TPA, of course, they can't directly deal with them because they are already signed with the Single Buyer. So if the TPA already expired, so does that allow this expired PPA, expired IPP to actually directly sell their power to end user? Then if like that, doesn't mean they will also affect the RE initiative or so-called the RE to GET net zero by 2050, the for the planning itself. Another question is that, if there's a new IPP want to come into market, small IPP, maybe mid 50 megawatt, so does it mean they can directly GET their, end user directly, their client directly, without going through Tenaga or without going through Single Buyer even? And then my follow-up... Okay, that's all my question for now. Thank you. Okay, thank you very much, Daniel, for the questions. I believe the answer to those questions will be given in due time by the government. How is the whole framework of the working of the whole framework? I think at the moment, probably we let the question to be unanswered at the moment, because I believe the government will make those announcement. But what is interesting is that, or what is we are excited about is that, there is a good opportunity for both the generators, especially the green generators. Because I think the TPA is meant first to address the green generation, to ensure that the customers who require green are enabled to GET those. But at the same time, the generators who actually can do the proper investment to ensure that the green can be available to those customers. Sorry, Daniel? ... Hi, can I GET back to your site on the, on the data center, where you mentioned that two projects already commenced, 500, 500, 550 MW kind of thingy? Just want to check. You mentioned 550 MW. So from our analysis, are we supposed to look at 550 times 24 hours, times 365 days to GET the actual power utilization for this power, for this data center, or we are just supposed to use a portion of it? Yeah, I think the characteristic of the demand of data center, as you mentioned, is going to be constant. Constant based on their so-called requirement. So the numbers that we have seen is the electricity supply demand that they have signed from us. So that is the first part. The second part that, of course, we have to understand that the data centers has this what we call a step load, meaning that they will increase the demand progressively. So today, even though we have signed—they have signed 535 MW, if we compare today, maybe the utilization has not come to that picture, but it will reach to that point. So there is a step, we call it the step load, that they will increasingly increase the consumption as they GET more customers to come in. So that is the, that is the basis of the characteristic. So of course, in due time, we will see this so-called demand being fulfilled by those data centers. And the progression of this demand from our plan, I think is quite good, and that is one of the reasons why we are seeing the first quarter growth compared to last year into almost close to a double digit. So it's a step, but there are many steps from many data centers, so eventually it will reach to that point. Hi, Lilian from UOB. Maybe just a follow-up on that, demand question. So we are looking at RP3 at 1.9%, demand growth, approved by the government. As we move into RP4, what would be a reasonable assumption for Tenaga's, demand growth, in view of, data center demand and also strong first quarter numbers? So that's first question. Second question on TPA, on RE. Can you run us through, currently, there is a wheeling charge, roughly about MYR 0.20 per kWh, if I'm, if I'm right. How will that change if you include Battery storage, if any? To sort of, you know, temporarily, model in intermittency, you know, for your grid lines. And third question is really housekeeping. Manjung 4, can you give us an update as to what's the situation? When can that be resolved? And there is also higher repair and maintenance in the first quarter. Is that related to Manjung 4, and will we see also similarly high numbers in second quarter? Thank you. Yeah. So looking at RP4 demand growth, I think if we probably go into some kind of crystal balling on what can happen in RP4, we believe that the demand will be as strong as what we see in this last year of 2020-2024. So meaning that, we should be able to project those. So we have projected around 2.5-3. So we believe that will be the numbers going into RP4, and we are also hoping those numbers will stay in RP4. A good demand growth for Malaysia. And if you can see the trend in the 1990s, our demand growth is always 1:1 with the GDP. But over the years, probably yes, half compared to GDP, but we are now seeing the trend that we are actually closer back to the GDP, about 60%-70%. So I think that's also another indication, what will be the demand that we want to project for RP4. So the wheeling charges. So at the moment, the regulator, the government has not announced the rate for the wheeling charges. I know there are many speculation in the market, but definitely I would probably not enter into that, into that debate, what is the charges. But definitely the charges will be announced by the government. But the question, I think a pertinent question that is on Battery storage. So at the moment, we are seeing the cost of battery for generation probably still at a slightly higher side to become a good go-to-market kind of solution. But what... On the other hand, we are also seeing the trend of this battery generation to be coming down... So this is the same, exactly the same trend that we see for generation through solar rooftop. So over time, I think it will go down. So we anticipate that we probably can have a better understanding with respect to a better understanding. We probably have a better economics with respect to Battery storage in a couple of years time. It's also good to note that in the recent announcement by the government, the government has awarded a Battery storage project to Tenaga Nasional as a pilot for-- to address the intermittency issue. We are going to do the project for 100 megawatts, equivalent to 400 megawatt hours of battery in one of the location. So that should provide us a good indication, technically and economically, how battery can serve its usefulness for the whole electricity business in the country. Third question, and for update, maybe CFO can come in. Yeah. So on the M4, what's happening now is that they are working very hard to make sure that we can come back by the end towards the end of the year. So that is the plan at the moment, huh? I don't GET the end of the year. So the value that he has mentioned just now is about MYR 400 million, and then we are doing everything that we can to minimize the recourse of that, right? So it's just a figure that we have. So of course, we will pursue the legal and the commercial recourse for us to recover. And the question about the higher repair and maintenance cost is not coming from that, because at the moment, we are still very much into trying to GET it back. And we are also engaging with the insurance and engaging all the legal aspect of that, whether how we can recover. So the high repair and maintenance is not coming from M4, but in fact, it's coming from the distribution network, because quarter-over-quarter, we saw a bit higher repair and maintenance this year. But still well within the approved IBR level that they are allowed to. So that's the update that you asked. So for M4, I think we are on track to come back, hopefully, inshallah, and we make sure that we address all the recourses that we can do, legal and commercial recourses, to minimize the value at risk. Thank you. Is there any other questions from the floor? Yes, please welcome. Hello, hi, my name is Hadi from CLSA. I just want to follow up on the demand from data center. Out of 635 MW that was completed last year, what was the utilization rate? Or better still, in the first quarter 2024 numbers, out of your commercial segments, how much in MW is actually on the data center? Thank you. Yeah, maybe I let Chief Retail Officer, who has the numbers in detail. Okay, of course, as Dato' Megat mentioned, regards to the requirement of the data center with regards to the step load. Currently, for the first two data centers, we are talking about 54 MW new requirement for the first quarter. Yeah, that's against around 686 MW. So, 54 MW over maybe a commercial of about a total of 50 MW. That's, that is the percentage that you're looking at, in terms of the requirement of MW of the data center right now. Okay? Currently, it's about the total requirement is 686 MW, right? The generation that we generate towards Tenaga Nasional is about 20 MW, close to 20 MW. Currently, the demand for the two mega- the two... Yes, for the first quarter, first quarter. Yeah. Yeah, just to add, I think, for the data centers, demand, in totality, inclusive of the two that we mentioned, it is about 150 MW. Based on the 150 MW utilization as of today, compared to the ESA of 500 something that we have signed. So that is the stepping of the load. Okay, bye. Due to time constraints, we have now proceeded to take questions from the analysts who are joining us virtually. Dato', we have one question from Mr. Sumit Suman from J.P. Morgan. Mr. Sumit, you may unmute and proceed with your question. Hello, can you hear me? Maybe I'll proceed with the question. So I have a couple of questions, basically. So firstly, on the Genco side, I just want to understand better, with respect to the projects in pipeline, what are the structure of PPAs and,... tariff. We haven't heard a lot about that, so it would be great if you could explain that to us. And secondly, just want to understand a bit—maybe a bit of a technicality, but the guidance for the regulated CapEx is MYR 7.7 billion, but the approved CapEx is MYR 6.4 billion. So can you please explain what the difference is? Thank you. Yeah, I think on the Genco project pipelines structure and tariff, I think there are two options for us. One option is actually a PPA, the conventional PPA mode of enhancement for project Nenggiri, Sungai Perak, Paka, and Kapar. We actually can have those conventional PPA arrangement 21 years of fixed tariff and so forth. So the other project that we are looking at, for example, hydro hybrid floating solar, and also the centralized solar park. We have actually the opportunity to provide this green generation to a particular customer since the TPA is already being announced. So that is another mechanism that we actually can go to the market. So it's going to be a combination of the commercial PPA for our Genco project, as well as the new mechanics of TPA that recently announced. So there is on the regulated CapEx, there is a difference between 6.4 and 7.7. Maybe CFO, Nazmi? That's Nazmi. Yeah, thanks, Dato' Megat. Actually, the CapEx opening could be different because of the rollover project that we carry forward from last year. So we are allowed a three-year period of CapEx, about MYR 21 billion, so we can use it within that period. So normally, we have some CapEx that we conducted in RP 3, but period 2, and we have not completed that, and we are allowed to carry forward into year three of the same period. But it's normal because some of the CapEx is like a Grid CapEx, is a long, long-term CapEx. We not be able to complete the job in one year, so normally take a few years to do that. So we are allowed to roll over the CapEx value for up to the next year. Yeah. Thank you very much. Is there any other questions from Webex? Since there is no further questions, ladies and gentlemen, that's the end of our Q&A session. Now, I will pass to Dato' Ir. Megat Jalaluddin bin Megat Hassan, President and CEO of TNB, for his closing remarks. Please welcome. So thank you very much. Thank you very much for the session, Q&A. So let me recap of the briefing today. So as mentioned, we are seeing a good positivity with respect to the growth for the first quarter in 2024. Demand really pick up in the first quarter, and we're also seeing a good stimulus announcement by the government, especially on the three counts of LSS, ENEGEM, as well as the GET tariff. At the same time, we have make a proposal with respect to the RP4 submission. This is where I think the opportunity for Tenaga, and glad to brief everyone the negotiation is actually on track for us to achieve the conclusion, inshallah, by year-end. So with respect to the any potential of Tenaga Nasional, understand, we are a bit impacted by Genco underperformance of M4. But as mentioned by CFO, our focus is actually to GET the M4 come back as soon as possible, and after that, we will pursue the recovery so that the value at risk can be minimized. Second, with respect to our financial performance, we are seeing foreign translation loss for the first quarter. In fact, if you look into details, we actually made a translation gain for the first quarter with respect to transaction compared to translation. Of course, we will keep monitoring to this with respect to the performance. Another good aspect is that the fuel price, namely coal, are stabilizing. So this speaks well with respect to our managing our cash flow and working capital. So we will be mindful of this performance on the first quarter, and we will remain focused on the challenges ahead, as we continue to pursue the growth expansion. So in conclusion, we are committed to drive sustainable growth and pursue initiatives that maximize value for our shareholders. Rewarding our shareholders remain a priority, and of course, we appreciate your continuous support in this journey. Thank you very much, ladies and gentlemen, and have a good day. Ladies and gentlemen, we have now come to the end of our session. On behalf of Tenaga Nasional Berhad, we thank you for your participation in today's briefing. For any questions that may remain unanswered, rest assured that we will promptly address them following this event. If you require further clarification or inquiries, feel free to contact our investor relation officers or email us at tenaga_ird@tnb.com.my. For those here in person, please join us for a networking lunch at Level G. To all our attendees, whether present, physically or virtually, we appreciate your time and engagement. Stay safe, and we look forward to seeing you in our future sessions. Thank you, and have a wonderful day.