CLP (2) Q3 2024 earnings summary

Executive summary

• Electricity sales in Hong Kong rose 2.5% year-over-year to 27,966 GWh, driven by higher temperatures and increased demand across most sectors.

• Investments continued in energy networks, decarbonisation, and digital infrastructure to support government priorities.

• The company advanced climate resilience measures and expanded support for electric vehicle infrastructure and renewable energy adoption.

Financial highlights

• Average Net Tariff in Hong Kong was reduced by 2% in the first nine months due to softer international fuel prices.

• HK$50 million in electricity subsidies provided to underprivileged groups in Hong Kong.

• Third interim dividend of HK$0.63 per share declared, unchanged from the previous year, payable on 13 December 2024.

Outlook and guidance

• Clean Energy Transmission System upgrade between Hong Kong and Mainland China on track for 2025 completion, enabling more zero-carbon energy imports.

• Expansion of renewable energy and battery storage projects in Mainland China and Australia to support decarbonisation and energy transition.