CLP Holdings (00002) and HK Electric (02638) will see a net electricity price increase of less than 1% next year.

On November 19th, the Hong Kong Legislative Council's Panel on Environmental Affairs held a meeting to review the annual electricity tariffs with two power companies. The Director of the Hong Kong Environmental Protection Department, Xavier Tang, stated that in order to ensure that citizens have access to safe, environmentally friendly, and reasonably priced electricity supply, the government rigorously reviewed the price proposals of the two electricity companies, striving to minimize the increase as much as possible. As a result, starting from January 1st next year, the average net electricity tariff increase of the two companies will be less than 1%. It is reported that under CLP Holdings (00002), the average basic electricity tariff of China Power will increase by 1.4 cents to 98 cents per kilowatt-hour. The fuel adjustment fee will remain at the level of January 2024, that is, 46.3 cents per kilowatt-hour. After the adjustment, the average net electricity price next year will be 144.3 cents per kilowatt-hour, increasing by 0.98% annually. As for HK Electric (02638), the basic electricity tariff will increase to 122.9 cents, an annual increase of 2.8%, but the fuel fee will be reduced to 44.1 cents, a decrease of 4.1%. The overall net electricity tariff will be 167 cents per kilowatt-hour, increasing by 0.9% annually.