Pestech has landed a deal from national utility giant Tenaga Nasional Berhad for the supply and delivery of 60,000 units of Single Phase smart meter for Advanced Metering Infrastructure at a total contract amount of RM11,100,000.
According to Pestech, the contract effective from the date of the LOA is for 6 months with an option to extend for another 6 months subject to the company’s performance. PSB said it will execute the Contract together with Pestech Energy Sdn Bhd, a subsidiary of PIB, which is spearheading the digitalisation business segment of the Group.
From 2019 up to to-date, the Group had secured a total of RM103 million in contracts comprising 473,205 units of smart meters. The award the group adds signifies the capability in meeting the standard specifications and delivery performance as required by TNB. This will enable Pestech to build a good track record to tap for more prospects in smart metering for other phases in TNB as well as in the region.
Asia Pacific is anticipated to be the largest and fastest-growing market as governments scale up grid digitalisation investments to enable energy firms to implement real-time analysis of grid and consumer usage. Deployments in China, Japan, Australia, and India are expected to help the Asia Pacific region expand its smart meters portfolio as governments seek to address energy sector challenges such as increases in energy demand, as well as to improve power quality. Up to $9.8 billion in smart grid investments are expected to be made in the Asia Pacific between 2018 and 2027.
On the home front, the smart meter records household electricity usage and sends the information to TNB remotely through selected telecommunication networks. It allows customers to view half-hourly energy usage updates via the myTNB portal, track and adjust their energy usage, and make energy-efficient choices for themselves.
The Contract is expected to contribute positively towards the revenue and earnings in accordance with the stages of the progress to be recognised in the financial year ending 30 June 2023 and is expected to contribute positively to the net asset per share of the company.
