Business Performance

Dependable earnings and resilient operations from core markets
  • Strong performance from Hong Kong and Mainland China, increased pace of renewables investments on the Mainland
  • Persistent market pressures and operational setbacks in Australia
Disciplined capital management and reliable dividends
  • Reallocation of capital and resources to support Hong Kong and China growth
  • Consistent and reliable dividends, solid balance sheet and liquidity with credit ratings affirmed
Positioned for energy and just transition
  • Delivered emissions reduction, investing in clean energy
  • Hong Kong growth agenda for the 2024 Development Plan
  • Smart energy businesses in operation

Performance by Region

Hong Kong

Hong Kong
Decarbonising our energy supply and harnessing technology to empower customers for a digitally connected and net-zero carbon future
CLP Power engineers and contractor workers work around the clock to provide new power supplies in record-breaking time for the new community isolation and treatment facilities during the fifth wave of the pandemic in early 2022.
  • Operating earnings up 3% to HK$8,666 million: Return on higher fixed assets reflecting progress in major projects
  • 2023 tariff package: Maintain Average Basic Tariff (93.7¢/kWh) at same level for three years in a row. Fuel Clause Recovery Account and Tariff Stabilisation Fund to reduce magnitude of tariff adjustment and impact on customers
  • Energy-as-a-Service businesses in operation: centralised cooling offering, Solar- and Cooling-as-a-Service, building energy management, integrated energy services
  • Joint initiative with DBS Hong Kong on sustainable financing for businesses linked to energy efficiency
  • Smart city: Over 1.78 million smart meters installed and 336MW of feed-in tariff projects connected or approved


  • Continued investment in current Development Plan to meet Hong Kong’s development and decarbonisation roadmap
  • Commissioning of offshore LNG terminal in 2023 and CCGT D2 in operation in 2024
  • 2024-2028 Development Plan submission to support Hong Kong Government’s policies to boost economic growth, attract talent and foster closer collaboration with the Greater Bay Area
  • Developing Hong Kong’s future low-carbon infrastructure: ports and LNG bunkering, data centres, transport, buildings
  • Manage fuel cost pressure from high international energy prices and global market volatility to alleviate tariff impact
  • Support for customers and communities: HK$200 million dedicated to community support programme

Mainland China

Mainland China
Growing a diversified portfolio of non-carbon generation assets and developing Energy-as-a-Service business model to support the Mainland’s decarbonisation
CLPe has agreed to fund, design and construct a distributed solar project at the headquarters building of MTR Shenzhen, with the first phase already commissioned in September
  • Operating earnings up 34% to HK$2,229 million: Strong nuclear results and higher renewables
  • Nuclear: Strong performance from Yangjiang – achieved record electricity generation. Steady performance from Daya Bay
  • Renewables: Early commissioning of Qian’an III wind farm and higher hydro resources, offsetting less wind resources. Increased pace of investments
  • Thermal: Fangchenggang’s performance impacted by high coal costs despite higher tariff. Sold entire 70% stake in Fangchenggang to accelerate the phase-out of coal-based assets
  • Improved collection of national subsidies


  • Healthy renewables pipeline: 50MW Xundian II wind project in Yunnan, 80MW Gongdao solar plant in Jiangsu and a 100MW solar project in Guangdong to commence operations
  • Scheduled major outage for Daya Bay which may affect output but nuclear projects are expected to remain main earnings driver
  • Expansion of Hong Kong’s Energy-as-a-Service offerings to multinational companies in the Greater Bay Area: Solar-as-a-Service, Cooling-as-a-Service, building energy management
  • Implementation of integrated energy partner strategy to develop industrial and technology parks


Supporting a reliable, affordable energy transition in Australia and accelerating the clean energy transformation for all
EnergyAustralia is developing the new Tallawarra B hybrid natural gas and hydrogen generator to ensure more renewable energy can enter Australia’s electricity market reliably
  • Operating loss of HK$2,330 million (before fair value loss of HK$2,937 million): Lower generation at Mount Piper and Yallourn and higher costs paid to cover forward energy contract sales
  • Mount Piper: Lower generation due to coal supply constraints
  • Yallourn: Higher unplanned outages driven by latent and emerging age-related degradation
  • Customer and others: Growing customer accounts, timing benefits from prudent hedging, ongoing margin pressure from competition and incomplete cost pass through in price regulation


  • Accelerated and targeted Yallourn maintenance programme to support generator reliability and new coal supply contract at Mount Piper to improve financial performance
  • Bulk of remaining legacy forward contracts to roll off in the second half of 2023
  • Continued focus on strategic cost reduction
  • Supporting residential and business customers in a high wholesale price environment. Improving customer experience and offering new products and services including solar and batteries storage
  • Continued pressure on retail gross margins due to rising wholesale costs and regulations
  • Optimise capital structure and continue investments in energy transition projects


A deepening partnership between its shareholders provides Apraava Energy with a stronger platform to capture opportunities offered by India’s decarbonisation
The support of CLP and CDPQ will help accelerate Apraava Energy’s growth as a sustainable power company
  • Operating earnings down 13% to HK$193 million: Lower renewables and thermal earnings offset strong, full-year contribution from KMTL transmission project
  • Renewables: Lower wind resources, partially offset by higher interest received on delayed payment from debtors
  • Thermal: Lower capacity tariff for Jhajjar
  • Transmission: Solid performance from KMTL project acquired in December 2021
  • Significant reduction in overdue receivables on renewable projects due to the new Government scheme
  • Completed sell down of additional 10% stake in Apraava Energy to CDPQ to support growth, resulting in a disposal loss. Apraava Energy deconsolidated from the Group


  • Apraava Energy will be accounted for as a joint venture going forward
  • Continue investments in non-carbon assets under the partnership with CDPQ
  • Completion of Sidhpur wind farm and continue to pursue collecting renewable receivables
  • Roll out of advanced metering infrastructure in Assam State (700K meters) and Gujarat State (2.3 million meters)

Southeast Asia & Taiwan

Southeast Asia & Taiwan
Managing investments in the region to deliver reliable and safe operations
  • Operating earnings down 94% to HK$11 million: Significantly reduced contributions from Ho-Ping & Lopburi
  • Renewables: Tariff reduction under Lopburi PPA
  • Thermal: Solid operational performance from Ho-Ping. Impact of high coal prices was mitigated by a new agreement to adjust the energy tariff reimbursement mechanism from 1 July 2022 which accelerates the indexation to coal market price evolution


  • Thermal: Focus on managing fuel costs and supply as coal prices are expected to stay high. Continue to manage operations to deliver reliable return