The Star reported that the Sarawak government is going ahead with the development of two major hydroelectric dams under its SCORE project.
Deputy Chief Minister Tan Sri Alfred Jabu said the state is proposing to build Baram and Balleh dams with installed capacities of 1,200MW and 1,295MW respectively.
This would effectively bump up Sarawak’s hydro capacity to nearly 6,000MW. The target is for Sarawak to have potential hydropower resources totalling 20,000MW, with another 8,000MW coming from coal.
We understand that the Baram dam would be a roller compacted concrete type with its crest elevation set at 185MW.
On the other hand, Baleh would be a 204-metre high concrete faced rockfill dam with a gated chute channel spillway, an intake structure, five power tunnels as well as a power station housing five generator units.
Sarawak Energy Bhd’s (SEB) corporate communication manager Ahadiah Zamhari was recently quoted as indicating that the Baram dam’s social environmental impact assessment (EIA) study is in the final stage, and a report is near completion.
We are encouraged by this development. The roll-out of both dams will likely act as a positive lever to boost SCORE’s energy capacity to meet increasing power requirements of energy-intensive industries.
At the moment, power from the existing 2,400MW Bakun and 944MW Murum dams have been pre-sold.
While the exact timeline remains unclear, we expect both projects to be rolled-out within the next one to two years. This should have a spillover effect for local Sarawakian contractors.
Notably, Sarawak Cable (BUY, FV: RM2.33/share) could be a key beneficiary of more power transmission lines that SEB would likely need to construct to meet future power load capacity. Select contractors such as Hock Seng Lee (BUY, FV: RM2.40/share) and KKB Engineering (HOLD, FV: RM2.71/share) may also benefit from a portion of civil-related works.
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