Electricity Theft Takes a Big Bite Out of Profits
In the wild world of cryptocurrency, not all that glitters is gold—much like a bad disco ball. Malaysian power utility firm Tenaga Nasional Bhd (TNB) has been grappling with the startling reality of electricity theft, primarily fueled by voracious Bitcoin (BTC) miners. As reported, TNB has suffered a staggering loss of RM106 million ($25.3 million) due to these mischievous power thieves by mid-2019. Now that’s a shocking statistic, literally and figuratively!
Rogue Miners and the Numbers Game
The figure of electricity theft cases speaks volumes. With 437 instances of mining-related power theft in Peninsular Malaysia, the state of Selangor has been reigning supreme—370 cases recorded. Makes you wonder if changing your name to Selangor might help you cheat at Monopoly by always owning the Boardwalk!
TNB’s Tough Love: Legal Actions Ahead
Being the sole electricity provider in Peninsular Malaysia bears a burden, and TNB is on a mission to tidy up its operations. According to Siti Sarah Johana Mohd Said, TNB’s metering and distributing network general manager, the firm isn’t just handing out sweet nothings. They are issuing demand letters to account holders after disconnection, even if the real thieves are technical Houdinis known as tenants.
“A letter of demand will be issued to the owner of the premises account after we disconnected the electricity supply.”
Consequences of Power Shenanigans
In the Big Book of Electricity Crimes, Section 37 of Malaysia’s Electricity Supply Act lays down the law: those found guilty could face hefty fines up to RM100,000 ($24,000) or even three years of frugal living behind bars. However, fair warning: while TNB can disconnect power for a maximum of three months, they can go back five years to collect any unpaid dues. Talk about a long-running game of catch-up!
Raids and More Raids
The situation has heated up with recent raids, as Malaysian authorities cracked down on 33 premises tied to Bitcoin mining, catching them red-handed in the act of thievery, resulting in a loss of RM3.2 million ($761,000) to TNB. Yet, Bitcoin operates within legal bounds in Malaysia. It’s like being in a theme park where all rides are thrilling but with a risk of a big drop!
Despite this legality, the central bank has shared that Bitcoin is not a legal tender, leaving users in a financial limbo, exposed to fraudulent schemes. Who knew that joining the cryptocurrency craze could lead to this kind of power struggle—where both electricity and the authorities are on high-voltage alert!
