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CLP HOLDINGS LIMITED

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CLP : Power Welcomes Clear Roadmap towards Carbon Neutrality before 2050 Announced in Policy Address

10/07/2021 | 07:46am EST

CLP Power Hong Kong Limited ('CLP Power') welcomes and supports the clear roadmap announced by the Chief Executive Mrs Carrie Lam in the 2021 Policy Address today (6 October) to help Hong Kong achieve carbon neutrality before 2050.

Extreme weather events are imminent risks arising from climate change and there is a pressing need to plan to reduce carbon emissions to mitigate the worst impacts of climate change which can cause disruptions to human beings. CLP Power will offer its full support to the Government and work closely with the community on the best way forward to introduce new zero-carbon energy sources and reduce the carbon intensity of power supply.

Managing Director of CLP Power Mr T K Chiang said, 'The 2050 carbon neutrality target is an important milestone for Hong Kong and we look forward to the publication of the Hong Kong's Climate Action Plan 2050 which sets out more proactive strategies and measures on reducing carbon emissions. CLP Power would make our best efforts to continue to phase down coal-fired generation, as well as to identify more zerocarbon energy sources to power Hong Kong both locally and through regional cooperation in our holistic approach to a decarbonisation strategy.

We will also support our customers in lowering their carbon footprint, and engage the community for a low-carbon living through energy efficiency and conservation public education programmes.' He added, 'We will continue to support the Government in implementing relevant coordinated policies, such as encouraging the electrification of vehicles to reduce carbon in the transport and other sectors.' Last month, CLP Holdings signed a Memorandum of Understanding agreement with GE to establish a new collaboration to jointly develop decarbonisation roadmap for CLP Power's gas-fired generation facilities to explore capability of using low-carbon fuels such as hydrogen and latest technologies.

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 CLP Power Hong Kong Limited 2 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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Analyst Recommendations on CLP HOLDINGS LIMITED
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Financials
Sales 2021 82 232 M 10 544 M 10 544 M
Net income 2021 11 102 M 1 424 M 1 424 M
Net Debt 2021 45 792 M 5 872 M 5 872 M
P/E ratio 2021 17,2x
Yield 2021 4,19%
Capitalization 191 B 24 450 M 24 443 M
EV / Sales 2021 2,87x
EV / Sales 2022 2,79x
Nbr of Employees 8 074
Free-Float 71,6%
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Number of Analysts 13
Last Close Price 75,45 HKD
Average target price 85,88 HKD
Spread / Average Target 13,8%
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Managers and Directors
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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