Poser over who approved electricity tariff hike after DPM Fadillah disputes TNB's claim in Bursa filing

A stunning revelation by Deputy Prime Minister Fadillah Yusof that Tenaga Nasional (TNB) had bypassed his ministry and the Energy Commission (ST) in its recent announcement of electricity tariff hikes for Peninsular Malaysia is likely to plunge Prime Minister Anwar Ibrahim's government into a new controversy, as questions are raised over who is calling the shots on such an important decision that could affect millions of consumers across the country.

Fadillah, who is also the energy transition and water transformation minister, said his ministry and ST were still finalising the new tariff schedule and had not been consulted or informed by TNB, the national power company owned by the government through sovereign fund Khazanah Nasional.

This is despite TNB stating on Thursday that the increase had been approved by the government and ST in a letter dated Dec 24, 2024.

Eric See-To, a loyalist of former prime minister Najib Razak, questioned the authenticity of the said letter.

"Does the letter from ST really exist? If so, is it authentic? Was the letter issued by ST after going through the proper approval process or not?" asked Eric, who frequently posts Facebook comments under the pseudonym Lim Sian See.

MalaysiaNow is trying to contact ST chairman Mohamad Razif Abd Mubin for a response.

Checks on ST's website showed the commission had issued a statement on Dec 24, announcing a tariff adjustment affecting Kulim Hi-tech Park in Kedah from next year.

In its Bursa Malaysia filing on Dec 26, TNB announced a 14% increase in the base tariff for the period 2025-2027.

Following this, Anwar, who is also the chairman of Khazanah, assured that the majority of consumers would not be affected by the move.

"The details of this (hike) will be announced by TNB and Fadillah," Anwar said. The prime minister also had not raised any issue on whether the hike announced by TNB had been approved by the government. 

Fadillah, however, said he was not aware of any approval from his ministry or ST to TNB, adding that any announcement of an increase in electricity tariffs would come from the government.

Eric said it was a criminal offence for a company to issue a false or unauthorised notice to Bursa Malaysia.

"An inaccurate announcement would affect the value and prospects of TNB," he said, referring to TNB shares which hit an all-time high worth RM252.7 million yesterday.

He warned that share prices would fall if the government makes an about-turn, adding that it would cause losses to investors who had bought the shares at high prices.

He said investors could take legal action against TNB for the losses if it was found that the announcement was inaccurate or unauthorised.

"This incident has damaged the confidence of domestic and foreign investors in Malaysia as TNB is one of the largest companies listed on Bursa Malaysia," he added.