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Let's start the ball rolling

1. YTL Power

Well, Dr M, the Father of Privatisation, is still around.

Perhaps he is the best person to answer for why privatisation has become so widely known as piratisation.

jeff, uncanny ... but you have probably echoed the thoughts of the majority of malaysians

Jeff,

the below blogger said about Malaysians are not good at negotiations with Singapore. :)

http://hodgeriam.blogspot.com/2006/05/malaysia-vs-singapore-why-we-failed.html

Good analysis. Seems like TNB (and threfore, we) are paying for the full capacity of the productive power of all these ISPs. And they have contracted to buy and pay for even more. On top of that there are also the hydro power stations that generate and supply power to TNB's national grid. Three is so much power being pumped into the national grid or at least available fr pumping into the national grid. The question is how much of all that capacity is in fact needed to power the country on any given day? Obviously we are being charged for the full capacity available. According to a friend in TNB prior to the ISP's coming around, TNB ran with a surplus capacity of about 13% which was more than sufficient to take care of the variances in power required.

What is the surplus capacity that TNB is operating from right now?Is there not already over 40% surplus capacity that we are already paying for? And we are being asked to pay for even more now? And all this before Bakun!!

Hi Jeff, Since we cannot beat them, we can join them. I plan to buy some YTLPOWR and keep it for my children, it's really cheap now according to InvestsSmart :

Friday, May 19, 2006
Comments on Quarterly Results: YTLPOWR 2006Q3

Despite the negative sentiment on YTLPOWR, it posted solid quarterly results with EPS steady at 4.41c. Earnings grew by 18% compared to the corresponding quarter last year. This is mainly due to the higher contribution of its Indonesian associate company, PT Jawa. Based on its latest results, annualised EPS is 17.64c. Its share price of $2.08 indicates that YTLPOWR is trading at a PE of just 11.8x, which is very attractive for a company with strong recurring income.

Sometime ago, there were rumours that earnings of YTLPOWR will be impacted by the appreciation of the RM. However, it has to be noted that YTLPOWR operates mainly in Malaysia, UK, Australia and Indonesia. Despite the appreciation of the RM against the USD, the RM has not appreciated against these currencies and this could be the reason YTLPOWR did not post weak quarterly results as rumoured. In fact, it seems to me that YTLPOWR is benefitting from the appreciation of the RM as some of its borrowings (bonds) are denominated in USD.

A few days ago, Pak Lah decided against an electicity tariff hike and instead, requested TENAGA to study its proposal. There is rumour that Pak Lah wants TENAGA to negotiate for a better purchase rate from the IPPs so that it does not have to increase its tariffs. However, this will come at an expense. The IPPs will get an extension for its concession to sell power to TENAGA. Although short term earnings may be impacted, IPPs are stand to gain from the longer concession term, which should more or less guarantee its sustainability for the next few decades.

IPPs such as YTLPOWR, TANJONG and MALAKOF are unlikely to agree to unfavourable terms. It is TENAGA (government) who always tend to lose out in negotiations as the government tend to be very nice and generous with the influential businessmen. At the moment, I believe that the IPPs are still valued based on its current agreement. Should the government decide to reduce the rates in favour of longer concession terms, I believe that a major rerating of the IPPs will be on the cards. Even if it does not work out, these IPPs are still attractively valued just based on the current agreement. YTLPOWR and YTLPOWR-WA are definitely BUYs at current prices.

Disclaimer: This report is brought to you by Investssmart, an unlicensed investment adviser. Please exercise your own judgment or seek professional advice from your remisiers. By law, they are the experts. I am not responsible for your investment decisions.

posted by Investssmart at 3:05 PM

I think the info on http://www.dapmalaysia.org/english/2006/feb06/lge/lge296.htm deals with the issues quite adequately. Even if one were to take it with a pinch of salt, the most compelling point appears to be the purported rationale for TNB "purchasing" power from IPPs.

And this is our National energy policy

1. Individual are not encourage to source for alternate energy, since NO TAX INCENTIVE IS GIVEN if you install ANY solar powered devices, e.g. solar panel.

2.TNB start turtle the process of installing PREPAID power meter.
REASON : it is easier to CHEAT extra ~RM20 every urban household by delay meter checking for more than 5 days.
You can always check your TNB bills date to confirm my facts.

3. Government has not plan to provide incentive for energy saving products. e.g. energy saving bulbs.

4. (Most)Local councils wasting lots of energy by lighting up trees but slow in paying TNB bills.

5. etc , etc.

I don't understand the economics of this. If there are more power coming in as projected, then shouldn't TNB encourage power usage by cutting the rates??? What is the point of increasing rates and having even more excess capacity which TNB will still have to pay for?
Best solution is to sell all TNB power station to raise money, or close down most of its power station, dismantle and sent overseas to power hungry countries like china, Indonesia, vietnam, Myanmar, bangladesh and india.
Or set up long distance power transmission lines linking to Indonesia, Vietnam, Thailand, Myanmar and bangladesh in order to sell power to them, much like France selling its electricity to the rest of europe.
There are two types of pirates when it comes to electricity.The second, less talk about pirates are the electricity thieves. They pay less than RM40 per month for the usage of air-con, water heater etc. The irony is that TNB has decided to reward these group with no tariff hike. My mother lives with her maid, no air-con and watches TV, pays RM80 per month. So how come there are so many (it was reported 60%) who falls under the RM40 per month category???

when G raised petrol price, they were fast to set up agencies to monitor prices of essentials. OKT was fast to board the LRT in what was known as the "best publicity stunt ever". WHat happens after a few weeks? Retailers were fast to increase food prices, servings of food reduced. Where were the F authorities? All close one eye or no eye see. Now another increase in June. Sure, the lower income wont be affected. But with our dear SEMUANYA OK MB raping the forest addng up to the GLobal warming effect, air-condition is no longer a privilege. It has almost become a necessity in most houses especially when u hv kids. As usual the middle income group will be hardly hit. AAB can say dont question the G. Yea rite! Yes i wont even Q you guys now cos with ur one-track brains even i tell u right in the face 1+1 =2 u will still go ahead and say it is 3. I'll let my next vote do the talking. See you in 2008 or rather not.

Jeff, thanks for putting this into perspective. Only in Bolehland, I tell ya. I wonder how long, we citizens, continue to be milked by the chose elite few? Perhaps all my life, I'm afraid. Sigh...life is tough and it has just gotten tougher with this tariff increase.

Frankly, I do not know how TNB came up with its stats. TNB and the Govt say 59% of households are unaffected cos they use less than 200kW/month. Then you see a table issued by TNB which states that a fridge uses 216kW/month. So this means that at least 59% of households are without a fridge. Damn! Those electrical appliance sales people must have been sitting on their arses all this while! Either that or a lot of these households have tampered with their electricity meters. I reckon it's the latter. Once again, a case whereby the crooked goes unpunished whereas the honest ones suffer. Yep, we are definitely in Bolehland.

ohhh ok

oil price up = change lifestlye

power price up = what else can be changed?

Samarium:

The words from our wise leader, Najib:

"The people must change their life style"

;)

The people who needs to change their life styles are those shameless rent seekers that we the common folks are paying for generations to come.

oh and not forgetting, again when things increase, their famous line:
"malaysia still has the cheapest electricity rates in the region...."
*cough*

Probably the time is ripe to look at alternative sources of energy. An excerpt from Equinox:
On Sunday, 17 December 1995, viewers in U.K. saw an hour-long T V. program which, at long last, puts across the clear message that "free energy" is on the way.

In the opening stages Arthur C. Clarke explained how there were four stages in the way scientists react to the development of anything of a revolutionary nature. "Free energy" was now working its way through these four stages of reaction, which were:

a: "It's nonsense," b: "It is not important," c: "I always said it was a good idea," and d: "I thought of it first."

The scene moved to Rome, Georgia where Jim Griggs of Hydrodynamics, Inc. demonstrated the assembly and operation of a "hydrosonic water pump" which operated over-unity by producing hot water or steam with energy in excess of the electrical energy input to the pump motor. "Over-unity" was confirmed by satisfied customers, including the Albany Fire Station, where engineers from the "local university" and the "local power company" had been called in to verify the over-100% efficiency.
You can watch it at video.google.com (just type "free energy" in the search box)
Imagine if this type of energy is freely available to all!!! TNB & all the IPPs can kiss their profit bye bye and might even fold...

Tarif up 12%; TNB Profit up 26%.
And the reason for the hike? Not so much of the hike in fuel prices affecting the IPPs but the SKEWED contracts that the IPPs are holding against TNB.
There is NO official disclosure, but reports have indicated the IPPs are charging TNB “15-16 cents per kWh compared to 8 cents wholesale generation cost by TNB” and these are passed on to the consumers.

Check it out at the Asian Development Bank’s study report
http://www.adb.org/Documents/Books/Developing_Best_Practices/Power/appendix.pdf

see also
http://powerpresent.blogspot.com/2006/05/electricity-rates-win-win-for-tnb-ipps.html

DO Malaysia really need this kind of privatisation project, the type of project to ensure the individual company have make sufficient money rewards at the spending of the Malaysia's citizen.
Where to get a business guarranty business revenue and proift making
No risks at all.

I think something is very wrong here. The person will initial and approved all this, are they so naivy or have some hanky panky things behind!

Ken, there is obviously something wrong here without doubt. Crap hasn't smelt that bad before. But then again, what to do? This is Bolehland, a place where crooks prosper and the honest rakyat is punished. Look at Datuk Munir and ex-CEO of MAS, Tengku Mahaleel, ex-CEO of Proton. They are now living the lifestyles of the rich and famous. So what if they plundered billions from the companies they used to head? They are merely asked to resign whilst the EPF (read : tax-payers' monies) are utilised to plug its gaping financial holes. Ok...so this is with MAS. Not Proton. But regardless, I myself wouldn't mind being a sacrificial lamb in such cases. Yep, I'm more than willing to be a scapegoat zooming around in my Porsche. To hell with morales, values and ethics cos such virtues get you nowhere in this country.

There are so many ways to cut cost to recover the losses. TNB and our govt chooses the easy way out. Increase the price and pass it to the consumer.

Boy! I wonder how long the citizens are going to suffer under the administration of this current bunch of clowns.

When is the next election? I hope people will not forget the hardship these clowns put upon us and consider this as the strongest factor in their election decision.

As I understand, 'free market' and 'privatization' only work with certain condition in place. I'm not sure we have the necessary regulations in place to ensure that.

Is this a sign of profiteering and another ENRON in the making?

thomaslee is right...while waiting for something to be done, smart people buy YTL Power shares ;)

Remember what happened in Califonia a few years ago? Soon Malaysians will be able to 'experienced' what the The Califonians went thru when the money from EPF dries up and we have our own version of the 'Brown Out'. No Power Brokers involved here just greedy IPPs.

For those who vote for BN in its 'lanslide' victory 2004 , this is your reward!!! based on 'corprate governance' let by. listless Abdullah Badawi . Price and ELectricity Hike!!!

hah same old reason used by our 'efficient' goverment.
" Our rate is still low that"

how did they got the fact that 60% of household use less than 200kwH???
even when you use iron, which is a neccesity it use up to 200kwh per week?

can anybody explain this ?

yay! now typing with my lights out and the fan on instead of the air con.

"you use more, you pay more..."- Lim Keng Yaik.

Well, duh!

He really should stop treating us like we're the idiots.

Pak Lah really needs to start running the country instead of going around the world promoting it.

"I keep my ideals, because in spite of everything I still believe that people are really good at heart."--Anne Frank
Gee, I think she'd have given up her ideals in modern-day Malaysia in less than thirty seconds. And I have a lot of info regarding the people who use less than RM40 each month. All the methods employed are either:
A:) Illegal
B:) Semi-Illegal
C:) Pathetically simple

A:) Usage of magnets or devices to slow down rate of rotation (used by electronic meters to determine usage levels).

B:) Same as A but highly subtle, information hazy but seems to involve 2 houses with only 1 family.

C:) You know anyway.

Really. Is it really that hard to re-negotiate a one sided contract with the IPPs? I believe we can get away with 2% increment if this year is 2008 but alas, time not on our side. Father of Privatisation? Yeah, kind of. But as he grew in age, that priority shifted. It's so easy then to sell the future for quick wins at that time. Just like a pyramid scheme. The early and top layers always walk away with the cream. The bottom layers are now holding the incredibly heavy tonnes of wastages. It's getting more shaky as the bottom layers have to keep multiplying to maintain the mountain of garbage. Now, it's just waiting for the right moment when the garbage mountain tilt over. The most angry part is that the garbage disposal unit decided to take it easy even with shouts from the bottom layers that the imminent mountain will collapse and kill all at the bottom. Heck, they're enjoying their old life-styles and training their youngs to create more pyramids. Really. It is really

Will any of our beloved ministers would jump on-board do some PR stunt?

Ubah Gaya Hidup?

Let's ride LRT to work?

(ooops... LRT also use electric power) ....

Crude oil price seem going down with many quarters saying of adequate supply. Problem is not in oil, but in refinery ...

So what next?

Any Newton effect on price of oil?

Or price of our daily necessities which will get another boost in upcoming days?

God Bless!

Get yourself to know who the RENT SEEKERS are. Check out the link below:-

http://www.penjanabebas.com.my/www/generator/index.php/publish/page/start

Damned all these SUCKERS !!!!.

Finally the 'Wolf' came and it's 12%.
Frustrated by not only power tariff hike but did not see our BolehLand's #1 Patriot jump out and bark at the 1/2 pass 6 G on behalf the Rakyat that have got no more lifestyle to change.

earl-ku:ohhh ok,oil price up = change lifestlye.power price up = what else can be changed?

Najib:Em,Don't change.I mean don't change your under wear or panty everyday.One for two days,save power and water as well.

Naj doesnt even hv to wash hair. Jimat water and also less time in shower using water heater. Let us go Bald. That's what he meant by Change Lifestyle. But then again, my life already no style, how much more can I change? A

Hey jeff. Someone has disputed your claims in his blog and questioned your source and article.

http://vbglau.blogspot.com/2006/05/uninformed-malaysian.html

What say you ?

JEFF OOI says: I have seen people blaspheme Christ and Muhammad. So, I am not that important.

"Minister Dr Lim Keng Yaik, and the Cabinet, recognise this some ..." you edited this to include "and the cabinet". wonder why ?

JEFF OOI says: Someone alerted me to check my facts. I humbly obliged.

Hey people, this electricity tariff is small in comparison to the fuel hike, and yes, it's already a double whammy after the last fuel hike. But rememeber what the PM said about fuel price increase.... Wait till 1 Jan 2007, then you'll have to vent your frustration and anger all over again.

Anyway, I just want to know if anyone realise that the tariff hike come just at the right moment? i.e. right after Sarawak state election? LKY has been harping about the hike increase but keep postponing the announcement until right after the election. It just makes you wonder, doesn't it?

So, Malaysians, remember this tactic come next GE 2008. Don't simply fall for cheap gimmicks like this, just to trick you of your vote.