CLP Power and HK Electric to increase electricity tariff by 6.4% and 5.4% respectively, sources


22nd November 2022 – (Hong Kong) Sources revealed that CLP Power and Hong Kong Electric to increase electricity tariff by 6.4% and 5.4% respectively.

The electricity tariff adjustment for the coming year will be announced today (22nd). Dr. William Yu, the Founder and Chief Executive Officer of World Green Organisation (WGO) said on a radio program today that energy prices in the international market fluctuate and there is ongoing causing fuel costs to continue rising. It is estimated that both CLP Power and HK Electric will increase tariffs next year. He pointed out that last year, the two power companies froze the increase in basic electricity tariffs. They have each advanced billions of dollars in fuel expenses, and the balance of the electricity tariff stabilisation fund is running low. From an operational point of view, it will have an impact on finances and cash flow. In addition, the two power companies are building an offshore liquefied natural gas receiving terminal, and the infrastructure expenditure will also be reflected in the increase in electricity tariffs. To maintain the 8% permitted profit, the basic electricity tariff needs to be adjusted. Yu believes that Hong Kong can refer to foreign practices and store energy when energy prices are low for future use when international energy prices fluctuate.