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Daniel Ren

CLP Holdings, which runs the larger of Hong Kong’s two power utilities, and has significant operations in Australia and India, reported a sevenfold profit jump in 2023 buoyed by a turnaround in the fair value related to its forward energy contracts.
But its earnings fell short of market expectations amid falling revenue.
Earnings rose 620 per cent to HK$6.66 billion (US$851.3 million), from HK$924 million in the previous year, the company said in an exchange filing on Monday.
Revenue slid 13.4 per cent to HK$87.17 billion, it added.

The company’s earnings landed below a median forecast of HK$7.31 billion by analysts in a Bloomberg survey. Revenue also failed to meet a consensus estimate of HK$93.71 billion.
“The group’s fair value movements, predominately related to EnergyAustralia’s forward energy contracts, turned around from a loss of HK$2.979 billion in 2022 to a gain of HK$2.125 billion in 2023 and brought the company operating earnings with a significant rebound to HK$12.252 billion,” CLP said in the filing.
CLP’s operating profit before fair value adjustments rose 33 per cent year on year to HK$10.13 billion in 2023.
The company also announced a fourth interim dividend payment of HK$1.21 per share, the same as the year before. Total dividends in 2023 amounted to HK$3.10, unchanged from 2022.
Hong Kong minister expresses disappointment to CLP Power chief over repeat outage
“Looking to the future, decarbonisation stands as the foremost priority for our business, and Climate Vision 2050, our blueprint for achieving net-zero greenhouse gas emissions by midcentury, remains one of, if not the, main cornerstone of our strategy,” CEO Chiang Tung-keung said in the filing.
“Late last year, we conducted a review to make sure that this blueprint stays aligned with the latest developments in our businesses as well as the external risks and uncertainties we face.”
Chiang, formerly the head of CLP’s Hong Kong unit, was named group CEO in mid-2023, becoming the first Chinese national to hold the role.
At present, power generation accounts for around 60 per cent of Hong Kong’s carbon emissions.


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CLP Holdings posts sevenfold profit jump in 2023 amid fair value adjustments, but misses expectations as revenue drops

The CLP Group headquarters in Hong Kong’s Hung Hom district, pictured on November 27, 2023. Photo: Edmond So

CEO Chiang Tung-keung discusses CLP’s results with journalists during Monday’s 2023 Annual Results media webcast. Photo: Handout

2 Hong Kong electricity outages in Tsing Yi in space of week caused by degradation of parts, CLP Power says

CLP engineering personnel at Cheung On Estate in Tsing Yi on January 7. Photo: Dickson Lee

Smoke billows from CLP’s Nga Ying Chau Street substation on January 1. Photo: Facebook/Look Chun Wai David

Hong Kong minister expresses ‘great disappointment’ to CLP Power chief after second Tsing Yi electricity outage in 1 week, hundreds affected

CLP staff inspect power facilities for On Mei House. Photo: Dickson Lee

Environment minister Tse Chin-wan has told CLP to immediately review its power supply power system, according to his bureau. Photo: Sam Tsang

CLP Power staff outside On Mei House. The Electrical and Mechanical Services Department also sent personnel to the scene to investigate. Photo: Dickson Lee

Voltage dip spanning parts of Hong Kong’s New Territories traps at least 20 people in lifts, sets off fire alarms

Smoke billows from an electrical substation after a voltage dip. Photo: Facebook/ @Look Chun Wai David

Firefighters conduct rescue operations at the scene. Photo: Facebook/ @Lo Yuen-ting

CLP Power apologised for what it called an equipment malfunction at its electrical substation on Nga Ying Chau Street. Photo: Facebook/ @Lo Yuen-ting

Hong Kong’s CLP Power and HK Electric to cut charges by up to 16%

Hong Kong’s two power companies have cut charges. Photo: Edmond So

Secretary for Environment and Ecology Tse Chin-wan says the two companies’ capital expenditure for the next five years will be lower than that of the previous five years. Photo: Fung Chang

CLP Power’s HK$52.9 billion capital expenditure plan for 2024 to 2028 has been approved. Photo: Edmond So

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Earnings rose 620 per cent to HK$6.66 billion (US$851.3 million), buoyed by a turnaround in the fair value of forward energy contracts
Profit landed below a median forecast by analysts in a Bloomberg survey, and revenue also failed to meet a consensus estimate


Operator of Hong Kong’s largest power utility was buoyed by turnaround in fair value related to forward energy contracts, but still missed estimates for profit, revenue.


CLP Holdings posts sevenfold profit jump in 2023 amid fair value adjustments, but misses expectations as revenue drops

Earnings rose 620 per cent to HK$6.66 billion (US$851.3 million), buoyed by a turnaround in the fair value of forward energy contracts Profit landed below a median forecast by analysts in a Bloomberg survey, and revenue also failed to meet a consensus estimate

Earnings rose 620 per cent to HK$6.66 billion (US$851.3 million), buoyed by a turnaround in the fair value of forward energy contracts

Profit landed below a median forecast by analysts in a Bloomberg survey, and revenue also failed to meet a consensus estimate