It was disclosed in Parliament, yesterday that between 2004 and May, 2008 Tenaga Nasional Berhad paid RM43 billion to the Independent Power Producers (IPP).
Apparently TNB has been paying a lot of money for standby power. But, get this, the international norm for standby capacity is 15% to 20%. What we have in Malaysia is a 40% standby capacity.
It has been reported that YTL Group has a cash hoard of RM11 billion.
It has also been reported that most of the RM11 billion cash hoard resides in YTL Power, an IPP that is 53% owned by the YTL Group.
When YTL Group and its Great Helmsman, Francis Yeoh crows about having bargains galore to acquire during the economic turmoil, I'm not sure whether to wave the Malaysian flag in a fit of patriotic fervour or, utter silent curses that while all Malaysians are born equal, some Malaysians are more equal than others. Francis Yeoh certainly counts as one of the primus inter pares (first among equals).
George Orwell may have been right after all although I must apologise for giving his seminal work on abuse of power by the state a capitalist twist.
This is the peril of privatisation and negotiated tenders.