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Sunday, February 1, 2015

Act against biggest economic saboteurs - NAJIB & TNB!

Act against biggest economic saboteurs - NAJIB & TNB!
Deputy Finance Minister Ahmad Maslan reportedly said that unscrupulous traders who refused to lower the prices of certain clusters of goods after GST implementation on April 1 could be categorized as economic saboteurs and actions could be taken against them under the Price Control Act and Anti-Profiteering Act 2011.
I welcome his announcement whole-heartedly, but in order to show his seriousness in his words, I challenge him to take action against TNB and Najib for refusing to lower the electricity tariff even though the international crude oil price has plummeted recently.
The government hiked electricity tariff by 16% in January last year due to the then high international crude oil price. The benchmark coal price embedded in January 2014 electricity tariff was RM275 per metric tan (coal cost: USD87.5 per metric tan at RM3.14/USD). In December 2014, the effective coal price was 21% lower at RM217 per metric tan (coal cost: USD62 per metric tan at RM3.50/USD). UOB Kay Hian Research estimates that TNB could save RM424 million for the first six months of 2015.
On the other hand, Hong Leong Investment Bank (HLIB) Research opines that TNB could save some RM310 million in fuel costs for the first half of this year and RM703 million in 2015. The research house also estimates TNB could save RM667.8 million in costs or 13.8% of its operations in FY14 given the lower coal price of below USD65 per metric ton.
Ahmad Maslan
After the crude oil price fell last year, the Singapore government announced 8% of reduction in electricity tariff on January 1 this year while Sarawak Chief Minister Adenan Satem announced on November 20 last year to reduce electricity tariff by 40%. Being a beneficiary of lower coal price, why TNB did not follow their steps, especially when its net profit for the first quarter ended November 30, 2014 rose 34.3% year-on-year to RM2.35 billion?
So I urge Ahmad Maslan, instead of threatening to take harsh action against unscrupulous traders who refused to lower the prices of certain clusters of goods after April 1, he should first take against TNB and BN government who have refused to lower the electricity tariff.
Teo Nie Ching is MP for Kulai

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