# Tenaga Nasional Berhad (TNB): Malaysia's Electric Utility

> Tenaga Nasional Berhad (TNB) is Malaysia's largest electric utility — the successor to the National Electricity Board — which generates, transmits, distributes and sells electricity to more than 11 million customers, and is listed on Bursa Malaysia with a majority of shares held by government-linked institutions.

- Category: energy
- Language: en
- Status: published
- Updated: 2026-08-01
- Canonical: https://negaraku.md/en/energy/tnb-tenaga-nasional

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Every time a light switches on in a home, factory or data centre in Peninsular Malaysia, its electrons most likely flow through a network owned by a single company: Tenaga Nasional Berhad. It is not merely a power generator, but the backbone of the nation's energy system — from the power station all the way to the meter on the wall.

## Where did TNB come from?

TNB's story begins before independence. The **Central Electricity Board (CEB)** was established and began operating on **1 September 1949**, consolidating the fragmented power supply left behind after the war. In its early days, CEB inherited 34 power stations with a total capacity of just **39.88 MW**.

On **22 June 1965**, CEB was renamed the **National Electricity Board of the States of Malaya (NEB)** — known in Malay as Lembaga Letrik Negara (LLN) — alongside a shift of leadership to local hands.

The major turning point came on **1 September 1990**, when TNB was established as the successor to the NEB. Through the **Electricity Supply Successor Company Act 1990**, the statutory NEB was converted into a government-owned company — a process of corporatisation. TNB was subsequently listed on the Kuala Lumpur Stock Exchange (now Bursa Malaysia).

## What exactly is TNB's business?

TNB operates the entire electricity value chain. This sets it apart from independent power producers (IPPs), which only generate.

| Segment | Function | Key entity / network |
|---|---|---|
| Generation | Generates electricity from power stations | TNB Power Generation (Genco) — about 54% of the total installed capacity in the Peninsula |
| Grid (Transmission) | Transmits high-voltage power across the country | National Grid: 132kV, 275kV, 500kV |
| Distribution | Steps down the voltage for local delivery | 33kV, 11kV, 6.6kV, 0.4kV networks |
| Retail | Billing and customer service | TNB Retail — Kedai Tenaga, CareLine |

Through **TNB Power Generation Sdn. Bhd. (Genco)**, TNB is Malaysia's largest power producer. The Grid division manages the **National Grid** — a transmission network of 132kV, 275kV and 500kV across the Peninsula, including cross-border interconnections to Thailand and Singapore. At the end of the chain, the Distribution division operates the low-voltage lines, while the Retail division (established in 2018) handles billing through the Kedai Tenaga and CareLine networks.

## How far does TNB's reach extend?

TNB supplies electricity to **more than 11 million customers** (as at 30 September 2025) in **Peninsular Malaysia, Sabah and the Federal Territory of Labuan**. Customers fall into three main categories:

- **Residential** — the largest number of customers.
- **Commercial** — the second-largest category.
- **Industrial** — the fewest in number, but accounting for the highest electricity sales.

In Sabah and Labuan, supply is handled by **Sabah Electricity Sdn. Bhd.**, which is **82.75% owned by TNB** while the Sabah State Government holds 17.24%. According to The Edge Malaysia, that TNB holding is scheduled to be transferred entirely to the Sabah State Government by 2030. Sarawak, meanwhile, is supplied by a separate utility and is not part of the TNB network. TNB's renewable energy portfolio includes 3.3 GW (gross) in the Peninsula — 2.5 GW of which is large hydro — along with solar, wind and hydro assets in several countries abroad.

## Who owns TNB?

Although publicly listed on the Main Market of Bursa Malaysia (company registration number 199001009294 / 200866-W), TNB remains a government-linked company (GLC) — the majority of its shares held by government-linked funds and agencies that align the company with national energy policy.

The ownership structure shifted at the end of 2025. According to **The Edge Malaysia**, in early December 2025 **Khazanah Nasional** reduced its direct holding by selling 135.65 million shares worth **RM1.69 billion**, bringing its total holding (direct and indirect) to about **18.05%**. As a result, the **Employees Provident Fund (EPF)** became the largest shareholder with **1.24 billion shares, or 21.25%**. Permodalan Nasional Berhad (PNB) is also a major shareholder.

| Major shareholder | Estimated holding | Reference |
|---|---|---|
| EPF (KWSP) | 21.25% (largest holder) | The Edge, Dec 2025 |
| Khazanah Nasional | ~18.05% | The Edge, Dec 2025 |

## What's next?

- To understand the wider network, see related entities such as **Sabah Electricity** and the government shareholder **Khazanah Nasional**.
- Check TNB's annual report on Bursa Malaysia for the latest financial figures and the full shareholder statement, as the ownership structure changes from time to time.
- Details of the generation fleet, tariffs and energy-market reforms (such as the Single Buyer mechanism and grid reforms) will be expanded in separate articles.

## Sources

- Corporate Profile — Tenaga Nasional Berhad — https://www.tnb.com.my/about-tnb/corporate-profile (Tenaga Nasional Berhad)
- History — Tenaga Nasional Berhad — https://www.tnb.com.my/about-tnb/history (Tenaga Nasional Berhad)
- Our Business — Tenaga Nasional Berhad — https://www.tnb.com.my/about-tnb/our-business (Tenaga Nasional Berhad)
- Khazanah sells 2.33% TNB stake for RM1.69b; EPF now largest shareholder — https://theedgemalaysia.com/node/785405 (The Edge Malaysia)
- Sabah's high-stakes electricity overhaul — https://theedgemalaysia.com/node/747517 (The Edge Malaysia)

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