HK$ 11,121
down 20.5% from 2018

Operating Earnings1 By Region

Note 1: Before Group Expenses

HK$ 4,657
down 65.6% from 2018
HK$ 3.08
per share
Up 2% from 2018

  • Operating earnings decreased largely due to the expected lower permitted rate of return in Hong Kong, a reduction in our share of earnings in India following the strategic partial divestment and the continued challenges in Australia
  • Higher earnings in Mainland China and Southeast Asia
  • Decarbonisation and digitalisation continued to be our strategic priorities
  • Launched revised Climate Vision 2050 with pledges not to invest in any additional coal-fired generation assets and to phase out existing ones by 2050 at the latest
  • Launched Asia’s first online energy app store Smart Energy Connect, offering innovative and practical applications for businesses to manage energy use in a greener and smarter way
  • Actively pursued further opportunities in non-coal electricity generation, transmission and distribution, as well as in new energy services such as those springing from the development of “smart cities”

performance by region

Hong Kong

  • Operating earnings: HK$7,448 million, down 13% from 2018
  • Earnings subject to full-year effect of lower permitted rate of return under the new Scheme of Control agreement
  • Good progress on 5-year Development Plan for 2018-2023
  • Sales of electricity up 1.8% from 2018
  • Customer accounts increased from 2.60 million to 2.64 million
  • High supply reliability of over 99.999%(1)
  • 6,900+ applications received for Feed-in Tariff scheme by end of 2019, 90MW approved or connected

(1) Supply reliability based on average unplanned customer minutes lost per year


  • Continue decarbonisation journey to achieve around 50% gas-fired generation in fuel mix
  • Progress investments in major projects under Development Plan
  • Pursue renewable energy and energy efficiency & conservation initiatives
  • Implement stringent cost control measures across our operations
  • Work with the Government and the community to support Hong Kong through challenging times and steer it towards a greener, brighter future

Mainland China

  • Operating earnings: HK$2,277 million, up 5.3% from 2018
  • Nuclear: Highly reliable contribution of about 2/3 of earnings in Mainland China
  • Renewables: Solid underlying performance from diversified portfolio; added 36MW of solar and 50MW of wind
  • Thermal: Higher earnings reflecting lower coal cost and higher sent-out at Fangchenggang
  • Incremental distribution network at Fangchenggang Hi-Tech Zone, the Group’s first investment in distribution grids in Mainland China, has started providing electricity supply services to customers in the area


  • Monitor the evolution of market regulations. Market competition anticipated to continue with higher pressure on margins
  • Continue to look for value-adding renewable energy opportunities to further increase contribution from non-carbon generation
  • Work with strategic partners to continue exploring opportunities, with focus in Greater Bay Area


  • Operating earnings: HK$263 million, down 54% from 2018; CLP’s share of earnings was diluted by the sale of a 40% stake in CLP India to Caisse de dépôt et placement du Québec (CDPQ)
  • Higher earnings from renewables including benefits from new solar projects, receipt of delayed payment charges and lower finance costs
  • End of Paguthan Power Station PPA; higher earnings from Jhajjar Power Station
  • Invested in three transmission assets to diversify into a new market segment with great potential; earnings from the first asset since November 2019
  • Successful auction bid for new 250MW wind project in Sidhpur


  • Complete acquisitions of the two remaining transmission assets and progress construction of the Sidhpur wind project
  • Continue to pursue investments in non-carbon assets to diversify revenue stream
  • Pursue innovation and new business models as and when opportunities arise

Southeast Asia & Taiwan

  • Operating earnings: HK$335 million, up 106.8% from 2018
  • Ho-Ping Power Station in Taiwan reported sound financial results due to lower coal costs and higher energy tariff
  • Lopburi solar plant in Thailand operated steadily with higher levels of solar irradiance


  • Complete withdrawal from two legacy coal-fired power plant developments in Vietnam
  • Continue to explore renewable energy opportunities in the region


  • Operating earnings: HK$1,566 million, down 52.6% from 2018
  • Retail competition remained intense; number of customer accounts declined 3% and margins reduced significantly with higher discounts
  • Introduction of regulated retail prices led to impairment of goodwill
  • Increased utilisation of gas-fired assets, particularly Ecogen, increased overall generation costs
  • Lower generation due to coal supply issues at Mount Piper Power Station & safety works at Yallourn Power Station
  • Increased price volatility across wholesale market increased the cost to acquire energy, further impacting earnings
  • Continued investigation of flexible generation and storage options


  • Focus on service excellence and customer support, especially in bushfire impact areas
  • Continue to focus on uplifting compliance and reducing costs
  • Intense competition and margin pressure remain: full year of price caps in 2020
  • Focus on asset availability, coal supply and evaluation of flexible generation options
  • Increasing renewables is likely to depress average wholesale electricity prices while price variability & volatility will stay high