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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  CLP Holdings Limited    0002   HK0002007356

CLP HOLDINGS LIMITED

(0002)
  Report
End-of-day quote. End-of-day quote Stock Exchange of Hong Kong - 01/20
82.85 HKD   -0.66%
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CLP : Hong Kong's CLP Holdings to end investing in new coal-fired power

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12/17/2019 | 03:08am EST
Lancaster, chief executive of CLP Holdings, speaks with the media during the Global CEO Conclave at the Vibrant Gujarat Summit in Gandhinagar

Hong Kong-based power company CLP Holdings said on Tuesday it does not plan to invest in any additional coal-fired generation capacity and will instead aim to progressively phase out remaining coal assets by 2050.

The switch will be part of the company's efforts to 'decarbonise' in line with Paris Agreement climate commitments, CLP said in a statement. In a separate report, it said 20% of its revenue currently comes from coal-based power generation.

"We are evolving our business model to further explore low-carbon investment opportunities in transmission and distribution, electric vehicle charging, decentralised generation and smart energy services," chief executive Richard Lancaster said in the statement.

As of December, last year, CLP Group had 11,997 megawatts of coal-fired equity generation capacity, a spokesman from the company told Reuters. CLP Holdings is the holding company for CLP Group.

The spokesman added that for CLP, phasing out coal-fired generation capacity will mean retirement and closure of coal-fired power assets, moving away from build-operate-transfer coal-fired projects before the end of the contract term, or divestment from a coal-fired asset.

Following the ratification of the Paris Agreement, CLP in 2017 undertook a comprehensive review of its Climate Vision 2050 targets, committing to an 80% reduction in carbon by 2050, compared with 2007 levels.

It currently operates in various Asian regions including India, Southeast Asia, Hong Kong and China, as well as Australia.

CLP is building Hong Kong's first offshore liquefied natural gas (LNG) receiving terminal as Hong Kong undertakes a massive shift to use more natural gas to fuel its electric power generation rather than coal.

By Jessica Jaganathan

Stocks mentioned in the article
ChangeLast1st jan.
CLP HOLDINGS LIMITED -0.66% 82.85 End-of-day quote.0.98%
POWER ASSETS HOLDINGS LIMITED -0.43% 57.95 End-of-day quote.1.58%
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Financials (HKD)
Sales 2019 86 418 M
EBIT 2019 13 352 M
Net income 2019 5 017 M
Debt 2019 45 228 M
Yield 2019 3,76%
P/E ratio 2019 41,5x
P/E ratio 2020 17,2x
EV / Sales2019 2,95x
EV / Sales2020 2,82x
Capitalization 209 B
Chart CLP HOLDINGS LIMITED
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Technical analysis trends CLP HOLDINGS LIMITED
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TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 90,79  HKD
Last Close Price 82,85  HKD
Spread / Highest target 27,9%
Spread / Average Target 9,59%
Spread / Lowest Target -3,62%
EPS Revisions
Managers
NameTitle
Richard Kendall Lancaster Chief Executive Officer & Executive Director
Michael David Kadoorie Chairman
Derek Parkin Chief Operating Officer
Geert Herman August Peeters Chief Financial Officer & Executive Director
Andrew Clifford Winawer Brandler Non-Executive Director
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