Power suppliers agree to HK$100m energy-savings fund
CLP and HK Electric will subsidise housing blocks to save energy in a dollar-for-dollar fund but refuse to reduce level of permitted returns
The city's two electricity suppliers have agreed to fork out about HK$100 million in total to help residents of selected buildings save energy, according to a review of the regulatory rules governing both companies.
CLP Power and Hongkong Electric will also change accounting rules that may reduce the size of future tariff rises.
But the companies refused to cut their maximum profit - capped at 9.99 per cent of their net fixed assets - or let the Executive Council vet any fee increases that exceed inflation.
HK Electric also declined to abolish a reward-and-penalty mechanism linked to how well it controlled the emission of pollutants, though CLP agreed to do so.
Dr William Yu Yuen-ping, a member of the government's energy advisory committee, welcomed the revisions.
"The changes are more than expected and some of them are quite positive," he said.
