Rising geopolitical tensions in the Middle East have affected global energy supplies and fuel costs. CLP Power announced on Friday (June 26) that it will provide a three-month special fuel cost rebate to eligible residential customers from August through October to help ease the impact of fuel price volatility on low-income households and reduce their living expenses.
The rebate will be funded by the CLP Community Energy Saving Fund, with a total payout estimated at between HK$80 million and HK$90 million.
CLP said residential customers with electricity consumption of 900 kilowatt-hours (kWh) or below per billing cycle between August and October will receive a special fuel cost rebate of HK$0.08 per kWh. The company estimates that around 50% of residential customers will qualify.
Based on an average monthly household electricity consumption of 450 kWh, eligible customers are expected to receive more than HK$100 in rebates over the three-month period.
CLP's average net tariff for July stands at HK144.7 cents per kWh, up 2.9% from January. The fuel adjustment charge for July is HK43.5 cents per kWh, an increase of 0.9 cent from June, and the company expects fuel adjustment charges to remain on an upward trend for some time.
Separately, HK Electric announced that it will introduce a special electricity subsidy for three consecutive months from August to October.
The subsidy will be available to residential customers with monthly electricity consumption of 450 kWh or below, providing HK$0.08 per kWh each month. The scheme will be fully funded by HK Electric's Smart Power Care Fund, and the company expects around half of its residential customers to benefit.
HK Electric's fuel adjustment charge for July is HK41.9 cents per kWh, up from HK31.3 cents per kWh in June, representing an increase of 10.6 cents, or 33.9%.
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