Two power giants increase net tariffs by less than one percent

The average net increase in electricity tariffs for HK Electric and CLP Power will be less than one percent, with implementation commencing in January 2025.

This comes after the annual review of electricity tariffs with the two companies in the Legislative Council this afternoon.

Hongkong Electric will set its basic charge at 122.9 cents per unit of electricity, seeing a 3.4 cent increase, while the fuel clause charge will decrease by 1.9 cents to 44.1 cents, raising the average net tariff by 1.5 cents to 167 cents per unit of electricity, resulting in a 0.9 percent increase.

As for CLP Power, the basic charge will increase by 1.4 cents to 98 cents per unit of electricity, and the fuel clause charge remain unchanged. The average net tariff will then be 144.3 cents per unit of electricity, an increase of 0.98 percent compared to this year. 

HK Electric Managing Director Francis Cheng Cho-ying said the fuel prices remain relatively high and the geopolitical tensions might drive sharp fuel-price fluctuations in future. 

"We will, as always, source suitable fuel with competitive prices, strictly control expenditures and make good use of technology to enhance operational efficiency in order to control electricity tariff."

Separately, CLP managing director Joseph Law Ka-chun said the company's operating expenses have been increasing under the pressure of rising material costs and a tight labour market. 

"We are mindful of the public's concern about electricity tariffs and have made every effort to minimize the adjustment by adopting prudent cost control and a diversified fuel mix."