LC Paper No. CB(4)242/14-15(06) 2015 Tariff. Presentation to LegCo Panel on Economic Development. 16 December 2014

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1 LC Paper No. CB(4)242/14-15(06) 2015 Tariff Presentation to LegCo Panel on Economic Development 16 December 2014

2 2015 Tariff : Key Information With CLP s Energy Saving Rebate, 36% residential customers and 44% small business customers will see no tariff increase for three consecutive years, or even a slight decrease Due to increased fuel costs, Average Total Tariff increases by 3.1%, below inflation rate 2

3 Extensive Efforts to Alleviate Tariff Pressure Strenuous effort in optimising fuel usage and expenses 1. Maximize the use of cheaper gas from Yacheng gas field 2. Procure more low emission coal 3. Temporary import of additional nuclear energy from Daya Bay 4. Enhance operation performance of generation plants and emission reduction equipment These measures help reduce the usage of the more expensive gas supplies from the second West-East Gas Pipeline (WEPII) Prudent cost management and recent downward trends in fuel prices, together with the use of Fuel Clause Account, help mitigate overall tariff impact CLP will continue to work diligently in containing tariff increase to a minimum level 3

4 2015 Tariff Summary Tariff Component ( /kwh) 2014 Tariff Change 2015 Tariff Average Basic Tariff Fuel Cost Adjustment Average Total Tariff (+3.1%) With CLP s Energy Saving Rebate, 36% residential customers and 44% small business customers will see no tariff increase for three consecutive years, or even a slight decrease 4

5 Reasonable Tariff with World-class Reliability HK$/kWh 3 Low Tariff Unplanned customer minutes lost per year 50.0 High Reliability CLP Power Singapore London Sydney New York Remarks: Comparison based on average monthly domestic consumption of 275kWh Tariff and exchange rate at Nov Singapore CLP Power More Reliable Sydney (CBD) New York London Less Reliable CLP 2015 tariff adjustment Remarks: average 5

6 Reasonable Electricity Tariff in Hong Kong Household Expenditure Survey Miscellaneous 20.3% Electricity 1.6% Alcoholic drinks & tabacco 0.6% Gas and water 1.3% Clothing and Footwear 4.0% Durable goods 4.1% Transport 8.3% Housing 32.8% Food 27.1% Source : 2009/10 Household Expenditure Survey and the Rebasing of the Consumer Price Indices, HKSAR Government 6

7 Basic Tariff still Below 1998 Level Rising Fuel Cost Key Driver for Tariff Increase 100 HK /kwh 89.1 Average Net Tariff Basic Tariff Fuel Cost Adjustment

8 Total Emissions (kilotonnes) Significantly Tighter Emissions Caps, Fuel Costs Increase by 50% Emission Caps Total fuel cost increased by 50% RSP SO2 NOx -35% -65% -36% emissions caps are set with reference to the gas generation capacity in HK, ~80% are under CLP

9 With Higher Use of Natural Gas, Total Fuel Costs in 2015 to Rise to Approximately HK$15.5b 2015 emissions cap kicks in HK$ billion Fuel Costs e 9

10 Highly Volatile Fuel Prices Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 HK Local Inflation CPI(A) Coal price (globalcoal index) Japanese LNG Import Price 10

11 Extensive Efforts to Alleviate Tariff Pressure 2015 total tariff increase is below inflation rate Strenuous effort in optimising fuel usage and expenses 1. Maximize the use of cheaper gas from Yacheng gas field 2. Procure more low emission coal 3. Temporary import of additional nuclear energy from Daya Bay 4. Enhance operation performance of generation plants and emission reduction equipment These measures help reduce the usage of the more expensive gas supplies from the second West-East Gas Pipeline (WEPII) Prudent cost management and recent downward trends in fuel prices, together with the use of Fuel Clause Account, help mitigate overall tariff impact CLP will continue to work diligently in containing tariff increase to a minimum level 11

12 HK$ billion Fuel Clause Account (FCA) Helps Alleviate Tariff Increase Fuel Cost Adjustment increase Total fuel costs in Fuel cost recovered from tariff year-end FCA drawdown estimate reduces tariff 0.55 requirement 2014 year-end 2015 year-end 2015 year-end estimate 12

13 Energy Saving Tools and Measures for Customers Home Energy Report Energy Billboard CLP Eco Building Fund 13

14 Public Education on Environmental Protection Green Elites Campus Accreditation Pilot Programme Green Elites Portal cum Award Scheme 14

15 Committed to Serving the Community Community Care Subsidy Scheme CLP Subsidy Programme for Energy Efficient Electrical Appliances LED Light Bulbs Replacement Hotmeal Canteen 15

16 Commitment to Serving Hong Kong CLP has been serving Hong Kong for 113 years. With our power expertise, we fulfill our community commitment by providing reliable electricity supply and meeting the community s expectation of a cleaner environment We understand the concern of the community and we endeavour to work with and support the community 16

17 2015 Tariff Presentation to LegCo Panel on Economic Development 16 December 2014

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