The investment opportunity extends beyond contractors. Every new substation requires significant volumes of power cables, switchgear and switchboards, creating a second layer of beneficiaries across the electrical equipment supply chain.

Among the names highlighted by Kenanga are cable manufacturers Southern Cable Group Bhd (KL:SCGBHD) and Master Tec Group Bhd (KL:MTEC) as well as switchgear and switchboard suppliers such as Pekat Group Bhd (KL:PEKAT) and Powerwell Holdings Bhd (KL:PWRWELL).