Tenaga Nasional Berhad (TNB) is Malaysia's largest electric utility, established on 1 September 1990 as the successor to the National Electricity Board under the Electricity Supply Successor Company Act 1990. It operates the full electricity value chain — generation, transmission via the National Grid, distribution and retail — in Peninsular Malaysia, and holds a majority stake in Sabah Electricity. TNB is listed on Bursa Malaysia and is majority-owned by government-linked funds and agencies such as the EPF, Khazanah Nasional and PNB.
- TNB was established as the successor to the National Electricity Board on 1 September 1990 under the Electricity Supply Successor Company Act.
- It is rooted in the Central Electricity Board (CEB), which began operating on 1 September 1949 with 34 power stations totalling 39.88 MW.
- TNB delivers supply to more than 11 million customers in Peninsular Malaysia, Sabah and the Federal Territory of Labuan.
- Through TNB Power Generation (Genco), it contributes about 54% of the total installed capacity in Peninsular Malaysia.
- After Khazanah reduced its holding in December 2025, the EPF became the largest shareholder with 21.25%.
Who this applies to: Students, investors, energy-policy researchers and anyone who wants to understand the structure of Malaysia's electricity industry.
On this page
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.
What is the difference between TNB and the National Electricity Board?
The National Electricity Board (LLN / Lembaga Letrik Negara) was a government statutory body. On 1 September 1990, its functions and assets were transferred to Tenaga Nasional Berhad, a company, under the Electricity Supply Successor Company Act 1990 — a process known as corporatisation.
Who owns TNB?
TNB is a public company listed on Bursa Malaysia. Its largest shareholders are government-linked institutions; according to The Edge, after the December 2025 transaction the EPF became the largest shareholder with 21.25% while Khazanah Nasional held about 18.05%.
Does TNB supply electricity to the whole of Malaysia?
TNB's core operations cover Peninsular Malaysia. In Sabah and Labuan, supply is handled by Sabah Electricity Sdn. Bhd., which is majority-owned (82.75%) by TNB, with the Sabah State Government holding 17.24%. Sarawak is supplied by a separate utility, not TNB.
The following are deliberately unstated or described only qualitatively until confirmed by a subject-matter expert:
- Tahun penyenaraian TNB di Bursa Malaysia (dilaporkan secara meluas sebagai 1992, IPO KLSE) — sahkan dengan rekod penyenaraian rasmi Bursa Malaysia; tidak dapat disahkan daripada mana-mana sumber utama yang boleh dicapai semasa pruf ini.
- Pegangan TNB dalam Sabah Electricity (82.75%) dan pelan pemindahan penuh kepada Kerajaan Negeri Sabah menjelang 2030 — sahkan dengan laporan tahunan TNB atau pengumuman rasmi terkini kerana struktur ini berubah.
- Portfolio tenaga boleh baharu 3.3 GW (kasar) termasuk 2.5 GW hidro besar — sahkan angka terkini dengan laporan tahunan TNB.
- Bahagian Runcit ditubuhkan pada 2018 — sahkan tarikh penubuhan rasmi.
- Sambungan silang grid ke Thailand dan Singapura — sahkan status dan kapasiti terkini.
- Nombor pendaftaran syarikat (199001009294 / 200866-W) — sahkan dengan SSM/Bursa.
Sources
- Corporate Profile — Tenaga Nasional Berhad — Tenaga Nasional Berhad
- History — Tenaga Nasional Berhad — Tenaga Nasional Berhad
- Our Business — Tenaga Nasional Berhad — Tenaga Nasional Berhad
- Khazanah sells 2.33% TNB stake for RM1.69b; EPF now largest shareholder — The Edge Malaysia
- Sabah's high-stakes electricity overhaul — The Edge Malaysia
Change history
| Version | Date | Change | By |
|---|---|---|---|
| 01.00 | 1 Aug 2026 | Approved and published. | — |