Hong Kong power company unveils HK$160 million worth of subsidies ahead of expected electricity bill increase
- Assistance includes retail vouchers for 800,000 customers and HK$600 discount to tenants of subdivided units
- The utility, along with HK Electric, will announce annual rates on Tuesday, but the rise is likely to be minimal, expert says
One of Hong Kong’s two power companies has unveiled subsidies worth more than HK$160 million (US$20.63 million) ahead of an announcement on how much electricity bills will go up this year, which one expert predicts will be minimal.
“CLP Power hopes the support programmes will not only benefit people in different parts of society but also stimulate the economy and help it regain its momentum,” said chief corporate development officer Quince Chong on Monday.
The utility, along with HK Electric, is expected to disclose new tariffs during a meeting in the Legislative Council on Tuesday afternoon.
CLP Power will tap its Community Energy Saving Fund, set up last year, to finance its assistance efforts. In addition to HK$80 million worth of retail and catering coupons, the company is also offering a HK$600 (US$77) subsidy to tenants of subdivided units, while HK$2,000 worth of energy-efficient appliances will be provided to 5,000 families in transitional housing.
“The subsidies can be seen as a friendly gesture to show CLP is trying to help residents during this difficult time,” said William Yu Yuen-ping, chief executive of the World Green Organisation and an energy economist. He expected the two utilities would keep tariff increases to a minimum this year due to the economic downturn made worse by the pandemic.