on decarbonising power generation through investment in green technologies, strengthening the grid and empowering electrification across sectors. By fostering collaboration with government and stakeholders, TNB is at the forefront of ensuring a reliable, resilient and flexible grid to support Malaysia’s energy needs. Malaysia’s energy policies chart a definitive route to Net Zero by 2050, promoting green industry growth and job creation. TENAGA NASIONAL BERHAD Integrated Annual Report 2023 52 Top Priorities • Grow renewable energy capacity • Target strategic international markets for growth • Optimise existing generation fleet performance • Advance gradual decarbonisation Top Priorities • Ensure grid reliability and operation • Enhance network to be flexible, automated, secure • Leverage innovation for network improvement Top Priorities • Transform customer experience with personalised services • Drive growth through innovativesolutions • Focus on exceeding customer expectations Top Priorities • Collaborate with stakeholders for stable regulations • Advocate for policies supporting energy transition • Engage in strategic dialogues for regulatory sustainability DYNAMIC ENERGY SOLUTIONS DRIVE REGULATORY EVOLUTION OURVALUE CREATIONMODEL DELIVER CLEAN GENERATION DEVELOP ENERGY TRANSITION NETWORK Social and Relationship Capital Build Trust Create Value Government Trade Unions Vendors Communities Customers Investors Employees NGOs Notes: (1) Oil refers to petroleum-based fuel (inclusive of diesel, oil and distillates). (2) Renewable - Comprises Wind, Solar, Biogas, Distributed Generation Solar and Biomass. Shareholders’ Funds RM61,082.7 million Effective Weighted Average Cost of Funds (%) 2023 4.8 2022 4.6 Financial Capital TNB Group No. of Employees: 34,543 RM174 million investment in learning and development Reward structures linked to performance and value drivers Human Capital Research and development Operational and service innovations Technology and business model innovations Intellectual Capital Coal: