Latest news with #AkmalNasrullah
The Sun
13 hours ago
- Business
- The Sun
Electricity import export proceeds to benefit Malaysians via KWIE fund
KUALA LUMPUR: The government will channel proceeds from electricity import and export activities, as well as renewable energy (RE) trading, into the Kumpulan Wang Industri Elektrik (KWIE) fund to benefit the public. Deputy Minister of Energy Transition and Water Transformation (PETRA) Akmal Nasrullah Mohd Nasir confirmed the funds will help manage tariff impacts and support RE development. Akmal Nasrullah stated, 'Basically, all Malaysians benefit from the KWIE fund through the proceeds of electricity import and export activities.' The KWIE fund, regulated by the Energy Commission (EC), ensures tariff stability, while RE trading proceeds will go into the Renewable Energy Fund to boost energy transition efforts. The Dewan Rakyat approved amendments to the Electricity Supply Act 1990 (Act 447) to expand regulatory oversight on cross-border electricity trading. Akmal Nasrullah emphasised that surplus energy trading prioritises domestic supply security. 'Priority is given to the domestic electricity supply system in the event of any disruption,' he said. The Energy Commission (Amendment) Bill 2025 was also passed, empowering the EC to regulate electricity import and export activities. Both bills aim to strengthen grid stability and diversify supply methods while safeguarding national energy security. - Bernama
Barnama
15 hours ago
- Business
- Barnama
Proceeds Of Import, Export Activities Of Electricity, Re To Benefit The People
BUSINESS KUALA LUMPUR, July 30 (Bernama) -- The government is prepared to manage electricity import and export activities as well as renewable energy (RE) trading where the proceeds will be deposited into the Kumpulan Wang Industri Elektrik (KWIE) fund which will benefit the people. Deputy Minister of Energy Transition and Water Transformation (PETRA) Akmal Nasrullah Mohd Nasir said the KWIE fund, regulated by the Energy Commission (EC), will be used to manage the impact of tariffs on the people. Meanwhile, the proceeds from cross-border RE trading activities will be put into the Renewable Energy Fund which is used to support energy transition efforts and the development of the country's RE industry. 'Basically, all Malaysians benefit from the KWIE fund through the proceeds of electricity import and export activities,' he said when winding up the debate on the Electricity Supply (Amendment) Bill 2025 today. The Dewan Rakyat session today approved the bill to amend the Electricity Supply Act 1990 (Act 447) with a verbal majority after being debated by 12 members. According to Akmal Nasrullah, the cross-border electricity trading activities implemented by the government are based on the principle of selling surplus energy. 'Priority is given to the domestic electricity supply system in the event of any disruption or incident to the electricity supply. 'This measure will ensure that import and export activities do not disrupt the supply of electricity in Malaysia,' he said. Earlier, when tabling the bill for the second reading, Akmal Nasrullah said the proposed amendment aimed to expand the scope of Act 447 to regulate the import and export of electricity.
The Star
17 hours ago
- Business
- The Star
Dewan Rakyat passes Electricity Supply Bill and Energy Commission Bill
KUALA LUMPUR: The Dewan Rakyat has passed the Electricity Supply Bill (Amendment) 1990 and the Energy Commission (Amendment) Bill that aims to regulate the importation and exportation of electricity, as well as green attributes. The Electricity Supply Bill was passed via a voice vote after debates from 12 MPs from across the government and Opposition blocs. The Electricity Supply Bill, which involves 16 amendments to the Electricity Supply Act 1990 (Act 447), aims to regulate electricity importers and exporters. Winding up debates, Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir said electricity exports will only proceed if there is an excess and secure supply domestically. 'Currently, our reserve margins are at optimum levels, ranging between 23% to 28%,' he said, adding that the priority will always be for domestic energy supplies. 'This ensures import and export activities do not affect our country's electricity supply,' he added. Akmal Nasrullah also said import and export activities will not affect electricity tariffs on domestic users in the peninsula as it is on a business-to-business basis. On the heavy penalties imposed, he said it is based on laws like the Strategic Trade Act 2010. 'We consider the electricity trade as strategic for the country. While it may seem heavy, the main goal is to prevent offences when it comes to licensing, imports and exports,' he said. Amendments on Act 477 include the insertion of Section 22D, which prohibits the importation of electricity or exportation of electricity without licence. Offenders can face a fine of up to RM30mil, imprisonment of at least 10 years, or both. Any licensed importer or exporter of electricity who, without lawful excuse, breaches any terms or conditions of their licence under Section 22D of Act 477 commits an offence and, upon conviction, may face a fine of up to RM5mil, imprisonment of up to three years, or both. Section 50c has also been amended to empower the Energy Commission to issue guidelines on the import, export and green attributes of renewable energy. Subsequently, the Energy Commission Bill, which aims to amend the Energy Commission Act 2001 (Act 610) to empower the Energy Commission to monitor the import and export of electricity, was passed after a debate by four MPs from both sides of the divide. 'This Bill is important to guarantee our energy security. We must also ensure that domestic needs are met,' added Akmal. The amendment on Act 610 will include the insertion of Section 14(1) to empower the Energy Commission to monitor the import and export and electricity.
The Star
17-07-2025
- The Star
Power theft linked to crypto mining costs RM4.8bil in losses, says deputy minister
ALOR SETAR: Electricity theft linked to cryptocurrency mining activities has caused RM4.8bil in losses from 2018 to June this year, said Deputy Energy Transition and Water Transformation Minister. Akmal Nasrullah Mohd Nasir said the situation is alarming and calls for continuous enforcement to prevent further losses. "Since 2018, electricity theft involving cryptocurrency mining has cost RM4.8 billion. "We recorded 2,399 cases from 2023 to 2024 and this year alone, up to June, there have already been 1,800 cases,' he said. Akmal Nasrullah was speaking to reporters after a joint operation involving the Energy Commission, Tenaga Nasional Berhad and other agencies, targeting seven premises suspected of electricity theft here on Thursday (July 17). He said the surge in cases is driven by the rising value of bitcoin, which now exceeds RM500,000 per unit. "This creates challenges for enforcement, as more are willing to take the risk of stealing electricity for mining,' he said. On today's operation, Akmal Nasrullah said the seven premises were raided under Section 37(3) of the Electricity Supply Act 1990, with warrants obtained from the court. "Our focus is to stop electricity theft, and public cooperation is crucial. "If you see cables being connected illegally without going through the meter, report it,' he said. — Bernama
The Sun
17-07-2025
- The Sun
Bitcoin mining power theft costs Malaysia RM4.8 billion
ALOR SETAR: Electricity theft linked to illegal bitcoin mining has resulted in losses of RM4.8 billion from 2018 to June this year, according to Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir. He described the situation as alarming, stressing the need for continuous enforcement to curb further financial damage. 'Since 2018, electricity theft involving illegal bitcoin mining has cost RM4.8 billion - a massive loss,' he said. Between 2023 and 2024, authorities recorded 2,399 cases, with 1,800 cases reported in the first half of this year alone. The surge in incidents is attributed to the rising value of bitcoin, now exceeding RM500,000 per unit. 'This creates challenges for enforcement, as more are willing to take the risk of stealing electricity for mining,' Akmal Nasrullah explained. He spoke to reporters after a joint operation involving the Energy Commission, Tenaga Nasional Berhad, and other agencies. Seven premises suspected of electricity theft were raided under Section 37(3) of the Electricity Supply Act 1990, with warrants obtained from the court. 'Our focus is to stop electricity theft, and public cooperation is crucial. If you see cables being connected illegally without going through the meter, report it,' he urged. - Bernama
