Oct 22, 2014

Myanmar's electricity supplier to go public

Myanmar's Yangon Electricity Supply Board (YESB) said on Sunday that it is planning to transform itself into a listed company for more effective operation.

The YESB will retain 51 percent of the share, while the public will be offered 49 percent, officials said, adding that priority will be given to local partners rather than foreign firms.

Myanmar is striving to meet an increasing electricity demand in the country and has drafted an energy bill aimed at curbing the extraction and sale of natural gas to be reserved for generating electricity.

The bill calls for using natural gas extracted inland and offshore from the 2014-15 fiscal year for electricity generation as part of its efforts to supply power to the whole country within more than two years.

Electricity demand in Myanmar is increasing because of economic growth.

According to latest official statistics, Myanmar's installed capacity from all hydropower sources stands at 4,361 megawatts.

Foreign investment topped the power sector with 19.324 billion U.S. dollars as of August 2014, accounting for 39.11 percent of the total.

Source: Xinhua