Ventures UK Ltd. (100% Equity) Capacity: 26.6MW CleanEnergyandInfrastructure UKLimited(100%Equity) Capacity: 97.3MW Vantage Solar Investment S.A.R.L. (55% Equity) Capacity: 365MW Blyth Offshore Demonstrator Limited (49% Equity) Capacity: 41.5MW WE ARE TNB Sec 1 25 OUR INTERNATIONAL FOOTPRINT PAKISTAN Operation & Maintenance for 1,223MW Balloki Combined-Cycle Gas Turbine OPERATIONS & MAINTENANCE SERVICES TOTAL CAPACITY: 1,223MW ENERGY SOURCE: Natural Gas INDIA GMR Energy Ltd (30% Equity) Divested entire shareholding in November 2023 Capacity: 2,244MW ASSET NAME TOTAL CAPACITY: 2,244MW Natural Gas ENERGY SOURCE: Coal Solar Hydro Bomen Solar Farm Pty Ltd (100% Equity) Capacity: 120.5MW ASSET NAME AUSTRALIA TOTAL CAPACITY: 120.5MW ENERGY SOURCE: Solar AUSTRALIA PAKISTAN INDIA CAMBODIA CAMBODIA TOTAL CAPACITY: 400MW ENERGY SOURCE: Distillate Technical Advisory Services for EDC C7 400MW HFO/LNG Power Plant TECHNICAL ADVISORY TENAGA NASIONAL BERHAD Integrated AnnualReport 2023 26 FROM OUR LEADERSHIP Chairman’s Letter to Shareholders 28 CEO’s Strategic & Operational Review 32 Achieving Our Strategic Ambitions 38 • Deliver Clean Generation • Develop Energy Transition Network • Dynamic Energy Solutions • Drive Regulatory Evolution The Market Landscape 50 Our Value Creation Model 52 FROM OUR LEADERSHIP Sec 2 27 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 28 CHAIRMAN’S LETTER TO SHAREHOLDERS Dear Shareholders, It gives me great pleasure to present to you Tenaga Nasional Berhad’s (TNB) Integrated Annual Report for the year 2023. OVERVIEW The year 2023 marked a significant turning point for the world with the declaration by the World Health Organization that COVID-19 was no longer considered a global health emergency. While the announcement in May provided some optimism that it would be the end of pandemic-related challenges, it was tempered with an equal measure of uncertainty and pessimism given persistent inflation and subsequent policy tightening. The macroeconomic environment was also impacted by the ongoing