Business Performance

  • Solid financial performance driven by dependable core Hong Kong and Mainland China businesses and progressive recovery at EnergyAustralia
  • Approval of the 2024-2028 Development Plan in Hong Kong with HK$52.9 billion capital expenditure
  • Operational excellence and project execution across the Group, with focus on efficiencies and capability uplift for scale and speed
  • Strong momentum in zero carbon investments. Strengthened greenhouse gas emissions intensity target in Climate Vision 2050

Performance by Region

Hong Kong

Launched in September 2023, Hong Kong’s first offshore LNG terminal plays a key role in enhancing the city’s energy security while ensuring a competitive gas supply for the benefit of our community​
Teams at CLP Power take pride in serving the communities with dedication and professionalism
More than 2.23 million smart meters have now been connected for about 80% of CLP Power’s customers
  • Stable financial performance due to higher average fixed assets and increased performance incentives
  • Offshore LNG terminal in operation
  • Interim Review and 2024-2028 Development Plan agreed with Government to support the growth and development of Hong Kong and reduction of carbon emissions
  • Local electricity sales up 1.6% driven by commercial, infrastructure and public services


  • 2024-2028 Development Plan: Deliver approved HK$52.9 billion​ capex under the 5-year plan to support Hong Kong’s economic and infrastructure development
  • Major projects: Network reliability and growth, Black Point new gas-fired D2 generation unit; grid scale battery, pilot hydrogen blending, Clean Energy Transmission System in-progress, smart meter rollout​
  • Manage cost pressure: Remain committed to cost control and a diversified fuel strategy to ease the tariff pressure on customers following a reduction in tariff in 2024​
  • Energy transition: Continue to decarbonise the energy system, including working with Government to increase zero-carbon imports, to deliver reliable, affordable energy
  • Support for customers and communities: Over HK$200 million from CLP Community Energy Saving Fund to support people in need and encourage energy saving​
  • Customer energy solutions: Deliver energy management and infrastructure solutions to customers to support decarbonisation

Mainland China

The new Yangzhou Gongdao Solar Power Station in Jiangsu province is equipped with an 8MW commercial use battery energy storage system, the first of its kind in the province
CEO T.K. Chiang delivers an address at the Fourth Qingdao Multinationals Summit in Shandong province, a strategic area for CLP China’s business development
CLP China strives to grow a diversified portfolio of non-carbon generation assets and develop new energy solutions to support the Mainland’s decarbonisation​
  • Nuclear: Main contributor to earnings with record high output from Yangjiang, offset by major planned outage in Daya Bay
  • Renewables: Additional contributions from new wind and solar projects
  • Thermal: Loss from minority-owned assets
  • Signed 4 renewable energy supply contracts with multinational / Hong Kong corporate customers to support decarbonisation
  • Higher development expenses for renewable growth


  • Nuclear: Daya Bay and Yangjiang will continue to be main earnings drivers;​ proactively exploring other nuclear power opportunities in the medium- to long-term
  • Focused growth and healthy renewable pipeline: Target to double renewable capacity in the medium term
  • Market reform: Continue to manage the risk of market sales and build pipeline of corporate PPAs with corporate renewable energy buyers to sustain tariff
  • Customer energy solutions: Focus resources in the Greater Bay Area to develop energy management and infrastructure solutions to key strategic customers and local government to support decarbonisation
  • China’s Power sector: Capitalise on government’s policy support and investment in 3060 Dual Carbon targets​, favourable interest rate environment and CLP’s reputation as a trusted external player


Fast-start gas generation assets like the new 320MW Tallawarra B power station will play an increasingly critical role in providing electricity at peak periods and times of low sunshine and wind in Australia
EnergyAustralia is firmly focused on making further progress in its path of recovery through strengthening its operational performance
EnergyAustralia is supporting a reliable, affordable energy transition in Australia and accelerating the clean energy transformation for all​
  • Energy: Significant reduction in losses driven by 1) Yallourn and Mount Piper’s higher​ realised prices; 2) non-repeat of high costs to settle forward contracts not covered due to generation shortfall; 3) higher gas portfolio margins (very high purchase costs in 2022 not repeated); and 4) higher contributions from renewable PPAs
  • Customer: Unfavourable retail customer book with higher energy procurement costs and one-off favourable hedging outcome in 2022. Adverse retail market trends negatively impacted churn leading to lower customer accounts


  • Energy: Focus on asset availability, reliability and flexibility. 1) Yallourn: Continue maintenance programme to support generator reliability; 2) Mount Piper: Invest in flexibility to capture need for firming capacity in NSW and continue to ensure the security of coal supply
  • Customer: Continued pressure on retail margins, sustained competition and customer affordability challenges
  • Investing in renewable energy and firming capacity: Expanding renewable portfolio and delivering next wave of flexible​ capacity assets and dispatchable energy: gas peaker (Tallawarra B), battery storage (Wooreen, Hallett, Mount Piper) and pumped hydro (Kidston, Lake Lyell) in line with Climate Transition Action Plan
  • Building a sustainable retail business to underpin generation and capture electrification and “behind the meter” opportunities


Apraava Energy will continue to explore growth opportunities to strengthen its non-carbon portfolio
With a number of successful bids for new wind, solar and transmission projects, Apraava Energy has continued to support India’s decarbonisation​
Apraava Energy has made solid progress in expanding and diversifying its low-carbon assets
  • Renewables: Higher generation from wind and solar portfolio, and higher interest received on delayed payments from debtors
  • Thermal: Excellent performance from Jhajjar leading to higher earnings
  • Transmission & smart meter: Solid performances from transmission assets and lower finance cost


  • Growth investments: ~1,200MW of non-carbon projects won in 2023 / early 2024, including 300MW wind project in Karnataka, 250MW solar project in Rajasthan and 3 transmission projects and 2 advanced metering infrastructure projects
  • Sidhpur wind farm: Completion of full 251MW capacity in 1H2024​​
  • Macro environment: Power sector will continue to support the robust growth of the nation's economy

Taiwan Region and Thailand

CLP’s assets in Taiwan Region and Thailand continue to maintain reliable operations​
  • Thermal: Solid operational performance from Ho-Ping. Coal margin was improved in 2023 following the amendment to the energy tariff reimbursement mechanism from 1 July 2022
  • Solar: Expiry of incentive tariff for 8MW phase under the PPA, partially offset by increased tariff as notified by Thai authorities


  • Thermal: Focus on managing fuel costs and supply. Continue to manage operations to deliver reliable return