The Hong Kong government is being urged to balance the interests of users and power suppliers as it plans the reform of the domestic electricity market, the Hong Kong Economic Journal reported Friday.
The unit cost that HK Electric Investments Ltd. (02638.HK) charges users in the city is way below those of its counterparts in Singapore, London and Sydney, chairman Canning Fok Kin-ning said.
The total increase in the company’s electricity tariff over the past five years was just 5.9 percent, compared with inflation of 23 percent over the period, and supply interruptions lasted less than a minute each year, Fok said.
HK Electric, the sole supplier of electricity to users on Hong Kong Island and Lamma Island, has pledged not to raise its tariff this year.
The government is considering lowering the profit that HK Electric and CLP Power Hong Kong Ltd., which serves residents elsewhere in the city, are allowed to make to about 6-8 percent of revenues from 9.9 percent at present.
A three-month public consultation is ongoing.
Translation by Vey Wong
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