Genting Energy comprises the Group’s power and oil & gas business activities.

Genting Power Holdings Limited (“Genting Power”) spearheads the power businesses of the Group. Its total gross installed capacity is 3,538 Megawatts (“MW”) with net attributable operating capacity of 1,820 MW from its interests in coal-fired and wind power plants in Indonesia, China and India. Genting Power is currently expanding its portfolio with the construction of a new solar power plant and a gas-fired power plant in China. Upon completion, these additions will increase the total gross installed capacity to 5,128 MW.

Genting Oil & Gas Limited spearheads the oil and gas businesses of the Group. Its existing oil & gas assets consist of an oil producing field in China, a gas development field and a floating liquified natural gas facility under construction in Indonesia.

The Fujian Provincial government’s 2024 policy initiatives, which included a revised benchmark tariff and a capacity payment mechanism for coal-fired power plants, has significantly improved the financial performance of coal-fired power plants in the province. This has also benefited Meizhou Wan power plant, resulting in higher revenue and profit. The plant has commenced construction of first steam supply facility to supply steam to nearby industry factory to further increase the thermal efficiency of the plant. It is targeted to be completed by 2025.

Genting Power’s 100% owned 91.8 MW wind farm in Gujarat is Genting Energy’s first renewable project. The Jangi wind farm generated 182 GWh of clean energy in 2024. Since its inception in September 2011, the farm’s cumulative clean energy generation has reached 2,760 GWh, which is estimated to have offset nearly 2.4 million tonnes equivalent of carbon dioxide emissions.

Banten power plant successfully completed its first major scheduled maintenance commencing December 2023 until February 2024 after six years of commercial operation. Major scheduled maintenance typically requires a longer duration compared with annual scheduled maintenance and minor maintenance to ensure the plant’s reliability and efficiency.

The Genting Oil & Gas team successfully drilled three new wells in the second half of 2024 to maintain production output. The Chengdaoxi block produced approximately 2.7 million barrels of oil in 2024, with Genting Oil & Gas’ 49% working interest amounting to approximately 1.3 million barrels.

Since receiving approval for the revised Plan of Development in 2023, the Genting Oil & Gas team conducted re-entry operations at the ASAP 4X well in August 2024, followed by ASAP 3X in October and ASAP 2X in December, successfully spudding all three wells. In addition, the team completed topography and soil investigations and secured Land Survey Approval 1 for early works.

Genting Energy entered into an EPCIC contract to develop a 1.2 MTPA FLNG Facility in June 2024. Subsequently in October 2024, Genting Energy entered into a procurement contract and a construction, installation and commissioning contract to construct an onshore gas processing plant that would offtake and process the natural gas from Kasuri block before transmitting it to the FLNG facility.

Dongwucha solar power plant will be contributing 120 MWp of gross installed capacity to its portfolio. The solar plant has completed 20,000 piles by end December 2024. The plant is expected to have 100 MWp of solar panels installed in March 2025, with the remaining panels to be installed by Q2 2025, achieving its commercial operation date.

The Fujian Provincial government’s 2024 policy initiatives, which included a revised benchmark tariff and a capacity payment mechanism for coal-fired power plants, has significantly improved the financial performance of coal-fired power plants in the province. This has also benefited Meizhou Wan power plant, resulting in higher revenue and profit. The plant has commenced construction of first steam supply facility to supply steam to nearby industry factory to further increase the thermal efficiency of the plant. It is targeted to be completed by 2025.