Hongkongers to face higher electricity bills as global energy prices soar, warns CLP chairman as firm reports biggest ever loss
- The soaring prices of oil and gas on global markets are inevitably being passed on to customers, said Michael Kadoorie
- CLP reported a loss of HK$4.86 billion (US$620 million) for the first six months as its Australian business took a beating from surging fuel costs
Hongkongers should brace themselves for higher electricity bills as wholesale global energy prices surge, said the chairman of power provider CLP Holdings.
His warning came as Hong Kong’s largest energy supplier reported by far its biggest loss since it listed on the stock market 24 years ago.
“Increasing international energy prices led to higher fuel costs in the first half of the year, creating significant impact on electricity bills around the world, and Hong Kong is not immune,” he said. “We expect global fuel prices to remain volatile and continue to add pressure on customer tariffs.”
CLP is trying hard to control costs by diversifying fuel sources, said Betty Yuen So Siu-mai, the vice-chairman of the group’s local unit, CLP Power Hong Kong, during an online media briefing on Monday afternoon
“But because the pressure is indeed significant, we believe that Hong Kong in face of this pressure, it is perhaps inevitable for adjustments of tariffs,” she warned.