The Executive Council today (28th) today deliberated on the tariff adjustments of the two power companies, Hongkong Electric and CLP Power. It is learnt that the tariffs for the two electricity (basic tariffs plus monthly fuel adjustment charges) will be reduced from January next year, with CLP reducing the annual percentage in single digits and HK Electric in double digits.
In addition, the mid-term review of the Scheme of Control Agreement (SCA) between the Government and the two power companies this year is also a focus on reducing allowable profits and requiring power companies to share the cost of energy prices during the energy crisis, as well as reviewing incentives and penalty mechanisms to increase penalties for major power outages.
In 2017, the two power companies signed a new Scheme of Control Agreement with the Government for a period of 15 years, with the power companies setting a permissible profit level at 8% of the average net fixed assets, which will be reviewed in mid-term every five years.
▼11/27 Sham Shui Po <>,<> Lights after sunset▼
In November last year, the Environment and Ecology Bureau announced that the new electricity tariffs would start from January this year, and that CLP would increase the tariff by about 11.1% compared with November last year, while HK Electric would increase the tariff by about 11.6%. However, if we continue to use the previous data for January of the year before the tariff increase, that is, on an annual basis, CLP's net electricity tariff will increase by about 4.5% in the new year, and about 5.1% in Hong Kong, and the increase rate of the two power will be four times and 19.8 times respectively in January last year.
The net electricity tariff paid by the public includes the basic electricity charge and the monthly fuel adjustment fee, which is the cost of using coal, weather and fuel for the two electricity sources. Members of the public have continued to pay rising electricity tariffs throughout the year, driven by the significant increase in the Fuel Adjustment Charge.
▼ Power outage in many areas of Hong Kong Island at 4:19 on April 00 ▼
A widespread power outage occurred at 4:19 a.m. on 0 April this year, and HK Electric announced the next day that the accident was caused by a person connecting the wrong backup cable after the completion of the maintenance of the Cyberport substation, that is, HK Electric's human error. As HK Electric restored power within 49 minutes, there was still a subsidy of 65.0% of the permissible profits under the SCA, which made the community feel remarkable.
▼On April 4, a power outage in many districts on Hong Kong Island involved the operation of the substation in the Cyberport substation of HK Electric▼
In the second half of this year, the Government will conduct a mid-term review of the Scheme of Control Agreement with the two power companies. Answering a Member's question at a Legislative Council meeting in mid-June, the Secretary for Environment and Ecology, Mr Tse Chin-wan, said that based on the views received, the Government initially intends to discuss with the power companies the scope of the amendment agreement, including but not limited to reducing allowable profits, requiring power companies to share the cost of energy prices during the energy crisis, reviewing incentives and penalty mechanisms to increase penalties for major power outages, etc.
The agreement provides a reward and punishment mechanism for the performance of the power company's customers, covering four categories of performance: reliability of supply, operational efficiency, customer service and restoration of power supply. The relevant reward and punishment mechanism will also be included in the review.
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