Electricity bills to go up next year
Following negotiations with the Government, Hong Kong's two power companies have announced price increases from January 1.
Hongkong Electric Company will increase its average net tariff by 7%, while CLP Power will raise tariff by 5.8%.
Facing rising international fuel prices, various regions have increased their energy prices and electricity tariffs. Likewise, Hong Kong’s two power companies are under tremendous pressure for tariff adjustment, Secretary for the Environment KS Wong explained.
According to the power companies’ estimation, the average monthly tariff increase next year for a typical three-member household will be about HK$20-24.
But the impact will be alleviated by government subsidies that are already in place, Wong added.
Still, upward pressure remains over the long term.
“The two power companies need to invest a substantial amount of capital to build the infrastructure required for the production, reception and storage of zero-carbon energy, which will inevitably put upward pressure on electricity tariffs,” said the environment chief.
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