KUALA LUMPUR (June 14, 2012): The formation of an Asean energy regulatory framework is needed for the industry that will allow cross investment in many areas like pipeline, gas and exploration, said YTL Corp Bhd managing director Tan Sri Dr Francis Yeoh Sock Ping.
Speaking to reporters at the CIMB Asean Conference 2012 today, he said if such a challenging regulatory framework can be achieved, other industries such as water and automotive will be able to follow suit and have similar frameworks in that manner.
He said the framework can introduce competition and investment, it will make electricity prices inexpensive and competitive for Asean.
“At least when prices are consistent, there will be no worry about current account deficit subsidising electricity for the people. When people and industries are subsidised, it’s not globally competitive.
“Let Asean get used to paying electricity on global prices, and not through subsidy. That way, we don’t waste electricity.”
Yeoh added: “Why YTL is present at Australia, Singapore and Britain is due to the transparent regulatory framework. It’s clear so we compete there and bid for projects transparently. If we make Asean this way, there will be lots of investors.”
Source: The Sun Daily