to facilitating a comprehensive framework that ensures seamless connection and trading of RE between generators and consumers. Another critical government-led effort that has ensured the sustainability of MESI has been the implementation of the ICPT mechanism. The ICPT is a crucial tool that allows TNB to adjust electricity tariffs in response to fluctuations in fuel and generation costs. In 2023, the government again demonstrated its unwavering commitment to the ICPT, approving subsidies amounting to RM10.4 billion for the period of January to June and an additional RM4.7 billion for July to December and enabling TNB to recover approximately RM15.1 billion in total. The government’s strong commitment to the ICPT mechanism has had a direct and positive impact on the stability of TNB and by extension, the nation’s electricity supplyindustry. DRIVE REGULATORY EVOLUTION OVERVIEW In 2023, TNB continued to strengthen its collaboration with the Malaysian government, playing a pivotal role in shaping energy-related policies and regulations. This ongoing collaboration is aimed at fortifying the electric supply industry and catalysing a responsible and sustainable energy transition within the country. At the core of these efforts is TNB’s commitment to balancing the energy trilemma - affordability and access, energy security, and environmental sustainability - aligning with the nation-building agenda through education, vendor programmes, employment opportunities, and training. FROM OUR LEADERSHIP Sec 2 49 ACHIEVING OUR STRATEGIC AMBITIONS Accelerating a Responsible Energy Transition In 2023, TNB contributed to Malaysia’s concerted efforts to accelerate a responsible ET, through various initiatives and programmes aimed at enhancing Malaysia’s RE capabilities and fostering a greener energy landscape. A cornerstone of these efforts was the government’s launch of the NETR during The Energy Transition Conference 2023 that was organised by TNB on 28-29 August 2023. The NETR outlines strategic projects and initiatives based on