1MDB Energy Receives Yet Another Bail Out From The Government

The Government is pulling all stops to bail out 1MDB Energy after multiple Initial
Public Offering postponements with lucrative directly negotiated power contracts at
the expense of higher electricity tariffs in the future.

The Minister of Energy, Green Technology and Water has confirmed in his reply to me on
Thursday last week that the Government has awarded another power plant project via direct
negotiations to 1Malaysia Development Berhad (1MDB). This 2,000MW gas-turbine power
plant sited in Melaka was rumoured to have been awarded in late August this year.

Earlier in April, Tenaga Nasional Bhd (TNB) had signed another power purchase pact with
1MDB on the construction of a solar power plant. 1MDB will design, construct, own, operate and
maintain a 50MW solar photovoltaic energy facility in Kedah and supply electrical power to TNB.
Before that 1MDB was also controversially awarded an RM11 billion 2,000MW coal-fired power
plant in February despite offering a higher power tariff in an “open tender” exercise.

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Dr Mohd Zuhdi Marzuki Perlu Meminta Maaf Atas Pendapat Yang Rasis Dan Ekstremis

Pengarah Operasi Pusat Penyelidikan PAS (PPP) Dr Mohd Zuhdi Marzuki perlu
meminta maaf kepada semua rakyat Malaysia ke atas pendapat beliau yang
bersifat rasis dan ekstremis.

Berikutan kontroversi yang terbangkit seteleh mesej WhatsApp Dr Mohd Zuhdi Marzuki
dalam kumpulan Ahli Jawatankuasa PAS Pusat terdedah secara meluas, beliau telah
menjelaskan bahawa beliau “tidak termasuk dalam senarai mereka yang menyokong usul
keluar PR itu.”

Beliau berkata “semoga dengan penjelasan ini, nama saya dapat dibersihkan daripada
tanggapan buruk pelbagai golongan ekoran sikap segelintir pihak di dalam PAS yang
membangkitkan fitnah yang sedang tidur."

Rakyat Malaysia tidak mempertikaikan langkah Dr Mohd Zuhdi mengkaji sama ada PAS patut
berada di dalam ataupun keluar daripada gabungan Pakatan Rakyat. Pendirian Dr Mohd
Zuhdi untuk keluar atau kekal dalam Pakatan juga tidak merupakan tumpuan kritikan. Itu
merupakan hak ahli PAS.

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Direct Award From Tenaga Nasional To 1MDB

The direct award by Tenaga Nasional Bhd to 1Malaysia Development Bhd (1MDB) of
a 50MW solar power plant proved a desperate attempt by the Najib administration
to bailout the heavily indebted sovereign wealth fund.

It is bad enough for the Malaysian power sector when the Ministry of Energy, Green
Technology and Water (KeTTHA) shifted goalposts with the qualifying criteria to award
1Malaysia Development Bhd with a 2,000MW coal-fired plant on 28th February despite offering
a higher power tariff in an “open tender” exercise.

Yesterday, Tenaga Nasional Bhd (TNB) said it had signed another power purchase pact with
1MDB on the construction a solar power plant. 1MDB will design, construct, own, operate and
maintain a 50 megawatts solar photovoltaic energy facility in Kedah and supply electrical power
to TNB over.

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Dato' Seri Najib's “Kangkung” Economic Model With 1MDB

Dato' Seri Najib Razak is practising “kangkung” economics by awarding lucrative
multi-billion contracts to qualified parties who are not the lowest bidders.

On 28th February, the Energy Commission (EC) confirmed weeks of alleged “baseless speculation”
that 1MDB will be awarded the new Independent Power Producer (IPP) 2,000MW coal-fired
power plant concession. The project is said to be worth RM11 billion.

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Project 3B Awarded To 1MDB: An Attempt To Prop Up 1MDB

The Energy Commission’s award of RM11 billion 2,000MW Coal-fired power plant
(“Project 3B”) to 1MDB confirms earlier speculations and the complete lack of
transparency and accountability.

The Ministry of Energy, Green Technology and Water (KeTTHA) openly attacked me on 20th
February that my comments regarding the tender for the 2,000 MW greenfield coal-fired plant or
Project 3B was “baseless and mere speculation”. I had earlier accused the Government of
intending to make the award to 1MDB despite it not submitting the lowest bid for the tender to
supply electricity to Tenaga Nasional (TNB).

However, exactly 8 days later on 28th February, KeTTHA confirmed my “baseless speculation” that
1MDB will be awarded the new Independent Power Producer (IPP) power plant concession.

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Project 3B Awarded To 1MDB Despite Higher Bid

The award of “Project 3B”, a 2,000MW coal-fired power plant to 1MDB despite its
higher bid is nothing less than a backdoor bailout for the financially stricken
company.

The Edge Financial Daily reported on its front page yesterday that “1MDB gets 3B power project”.
The paper confirmed that “the Energy, Green Technology and Water Ministry (KeTTHA) has
notified the Cabinet that the 2,000MW coal-fired power plant known as Project 3B is to be
awarded to 1Malaysia Development Bhd (1MDB), according to sources”.

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Energy Commission Awards Power Plant Project To 1MDB Instead Of Lowest Qualified Bidder

The Cabinet must prioritise the interest of the rakyat and not the profits of its
companies when deciding on the “winner” of the power plant projects.

It has been reported by The Edge Financial Daily over the past 2 weeks that the Energy
Commission has decided to award the latest 2,000MW coal-fired power plant to 1Malaysia
Development Bhd (1MDB).

The paper reported that “according to industry sources, the board of the Energy Commission (EC)
has decided to propose 1MDB as the preferred bidder for the RM11 billion planting­up exercise to
the Ministry of Energy, Green Technology and Water”.

This is despite the fact that the bid submitted by 1MDB at 25.65 sen per kWh is higher than that
submitted by another tenderer, YTL Power at 25.23 sen per kWh. The difference of 0.42 sen per
kWh is estimated to constitute a difference of RM2 billion over the 25 year concession period.
What is more disturbing is the fact that based on documents sighted by The Edge, “the EC’s
technical evaluation committee had recommended YTL Power as the preferred bidder for the
tender in December last year”.

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