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CLP HOLDINGS LIMITED

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CLP : Power Pledges Full Support for Net-Zero Carbon Emissions Targets and New Measures Announced in the Climate Action Plan 2050

10/11/2021 | 08:05am EST

CLP Power Hong Kong Limited ('CLP Power') welcomes and supports the net-zero carbon emissions long-term and medium-term targets and new measures set out for Hong Kong's long-term decarbonisation strategy in the 'Hong Kong's Climate Action Plan 2050' announced by the Government today (8 October).

This will help Hong Kong achieve carbon neutrality before 2050. In view of the need for climate action, CLP Power will offer our full support to the Government and work closely with the community on the best way forward to introduce new zero-carbon energy sources, reduce the carbon intensity of power supply and encourage early electrification to reduce carbon in the transport and other sectors. As the CLP Group announced in September its strengthened Climate Vision 2050 targets with an ambition to further decarbonise our operations, we are committed to achieving net-zero greenhouse gas emissions across the value chain by 2050. A netzero global energy sector will change the way energy is produced, transported and consumed.

To play a part in this transformation, we are progressively phasing out coal for power generation while increasing our supplies of zero-carbon energy. Managing Director of CLP Power Mr T K Chiang said, 'The 2050 carbon neutrality target is an important milestone for Hong Kong. CLP Power will promote the development of local renewable energy and together with the Government explore ways to enhance regional cooperation on zero-carbon energy and identify sources of zero-carbon energy in neighbouring regions, including seeking joint investment and development opportunities for participating in and operating zero-carbon energy projects near Hong Kong. We will also keep abreast of developments in technologies that utilise renewable energy for electricity generation.

At the same time, we are working on ways to convert our local gas generation infrastructure to support the use of green fuels such as zero-carbon hydrogen. To achieve this target, the CLP Group has signed a Memorandum of Understanding with GE to establish a new collaboration to jointly develop decarbonisation roadmap for CLP Power's gas-fired generation facilities in Black Point and explore the capability of using low-carbon fuels such as hydrogen with the latest technologies.'

Mr Chiang added, 'CLP Power will be in discussion with the Government on phasing out coal-fired generation from our Castle Peak B Power Station's units in the 2030s whilst our older coal-fired generation units at Castle Peak A Power Station will gradually be closed over the next few years. In decarbonising our electricity generation, CLP Power continues to adopt careful planning to maintain high levels of safe and reliable supply for our customers.' As mentioned in the 'Hong Kong's Climate Action Plan 2050', buildings account for about 90% of Hong Kong's total electricity consumption, and over 60% of the city's carbon emissions is attributable to generating electricity for the buildings. CLP Power will continue to support the Government by helping customers manage energy demand and promote energy saving with a host of energy-efficient solutions and support measures including Eco Building Fund, Electrical Equipment Upgrade Scheme, training courses under Retro-Commissioning Charter Programme, as well as innovative technology applications. By the end of June, over one million smart meters have been connected, giving more customers access to detailed consumption data and allowing them to optimise their energy consumption. We also engage the wider community for a low-carbon living through energy efficiency and conservation public education programmes, covering the entire education pathway from kindergarten to tertiary studies.

In support of the Government's ambition for the city to become carbon neutral by 2050, CLP Power is facilitating local renewable energy development with the Renewable Energy Feed-in Tariff scheme receiving positive customer response. More than 15,900 applications were received by the end of June this year, of those around 90% - representing a combined capacity of around 217MW - were approved or connected to the grid. On waste-to-energy projects, the operation of landfill gas generation units started at the West New Territories Landfill from last year. As we are exploring the feasibility of developing an offshore wind farm in Hong Kong waters, two educational animations about offshore wind energy in Hong Kong are launched on CLP Power's website and YouTube channel today. These two videos, targeting the general public and kindergarten / junior primary students, aim at engaging the community by keeping them updated about the potential of this emerging form of renewable energy, looking at the benefits as well as the challenges for applying this technology in Hong Kong. Click the links to view the public version and education version of videos.

In view of the increasing challenges posted by adverse weather in Hong Kong, CLP Power has put in place adaptation or mitigation measures to safeguard our systems to ensure they are resilient enough to withstand extreme conditions with a view to maintaining a very reliable power supply. They include strengthening the tower structures and foundations of 400kV overhead lines, installing flood gates for floodzone transmission and distribution substations, introducing an Emergency Restoration System, and using smart meters etc. In addition, CLP Power works closely with the Hong Kong Observatory for better co-ordination on forecasting extreme weather 3 conditions. CLP Power will continue to use our power expertise in delivering a stable and reliable electricity supply solution for Hong Kong.

About CLP Power Hong Kong Limited

CLP Power Hong Kong Limited ('CLP Power') is the Hong Kong utility subsidiary wholly owned by CLP Holdings Limited, a company listed on the Hong Kong Stock Exchange and one of the largest investor-owned power businesses in Asia. CLP Power operates a vertically integrated electricity supply business in Hong Kong, and provides a highly reliable supply of electricity and excellent customer services to six million people in its supply area. In 2021, CLP celebrates the 120th anniversary of its founding in Hong Kong with a commitment to continue to move forward with the community based on a shared vision of a better tomorrow.

Contact:

Tel: 852-2678-8111

(C) 2021 Electronic News Publishing, source ENP Newswire

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Sales 2021 83 311 M 10 685 M 10 685 M
Net income 2021 11 102 M 1 424 M 1 424 M
Net Debt 2021 44 848 M 5 752 M 5 752 M
P/E ratio 2021 17,4x
Yield 2021 4,14%
Capitalization 193 B 24 757 M 24 756 M
EV / Sales 2021 2,86x
EV / Sales 2022 2,76x
Nbr of Employees 8 074
Free-Float 71,6%
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Richard Kendall Lancaster Chief Executive Officer & Executive Director
Nicolas Alain Marie Tissot Chief Financial Officer
Michael David Kadoorie Chairman
David Christopher Smales Chief Operating Officer
David John Simmonds Secretary & Chief Administrative Officer
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