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"Also, the announcement of LSS5 winners is anticipated in the fourth quarter of 2024 (Q2 2024) or Q1 2025," it said.

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RHB Research said Malakoff Corporation Bhd believes coal will remain relevant over the next decade and that existing coal plants will have to be extended in the medium-term post-power purchase agreement (PPA) expiry if there are insufficient gas plant additions.

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The cost of generation would, however, be higher even with new gas capacity, as new gas molecules will have to be imported at market prices.

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"Higher gas import reliance may also heighten supply sustainability risks in the long run, depending on where it is imported from," it said.

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It said the recently concluded reporting period for Q2 2024 saw four out of seven companies under its coverage come in within estimates, two beat expectations, while one company logged disappointing results.

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The two outperformers were TNB and YTL Power International Bhd.

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TNB exceeded expectations due to a better-than-expected contribution from TNB Power Generation and higher-than-expected revenue, while the positive deviation of YTL Power results was led by a better-than-expected contribution from Wessex Water and the telecommunications division.

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"The only disappointment was Ranhill Utilities due to the weaker-than-expected performance of its engineering services and power divisions," it said.

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The firm maintained "Overweight" on the utilities sector, with TNB, YTL Power, and Samaiden Group Bhd as top picks.

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Its call on the sector was largely premised on the surge in data centre (DC) developments, which will ramp up electricity consumption growth, continued power grid upgrades, experienced independent power producers bridging the supply gap and domestic RE capacity additions anchoring contractors job flow.