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CLP Power to offer three-month special fuel rebate starting April
CLP Power said Thursday it will offer all customers a three-month special fuel rebate starting from April, intending to further smooth out the changes in fuel costs and help alleviate customers’ financial burden amid the post-Covid economic recovery.
The estimated special fuel rebate between April and June will be around HK$80 million to HK$100 million.
Funds will be drawn from the Fuel Clause Recovery Account (FCA) to provide a special fuel rebate to all CLP customers between April and June, capping the Fuel Cost Adjustment at 62.8 Hong Kong cents per unit of electricity – the same level logged in March.
That means the amount to be paid by the customers will remain unchanged.
“As the actual level of Fuel Cost Adjustment for April to June is not yet available, if it is higher than 62.8 Hong Kong cents per unit of electricity, the special fuel rebate will kick in to maintain the level of Fuel Cost Adjustment at 62.8 Hong Kong cents per unit of electricity,” a statement read.
And if the level is lower than 62.8 Hong Kong cents per unit of electricity, the actual level of the Fuel Cost Adjustment of the respective month will be adopted for calculating the tariff.
“In order to support the community and sustain the recovery momentum, we are offering customers a special fuel rebate to reflect the positive developments in fuel prices seen earlier and help mitigate the impact of fuel cost fluctuations,” said Chiang Tung-keung, Managing Director of CLP Power HK.
“The international oil prices have fallen from higher levels, and we can see signs of a stabilizing trend. We hope this trend will continue.
“In recent weeks, coal prices have fallen too. If the international oil and coal prices continue to stay at lower levels, we believe that our customers will soon see a reduction in the Fuel Cost Adjustment, easing their tariff pressure,” Chiang also said.
CLP Power added that it has made tremendous efforts to implement cost-saving initiatives, and it continues to freeze the Average Basic Tariff at 93.7 Hong Kong cents per unit of electricity in 2023 – at the same level for three consecutive years.
Funds will be drawn from the Fuel Clause Recovery Account (FCA) to provide a special fuel rebate to all CLP customers between April and June, capping the Fuel Cost Adjustment at 62.8 Hong Kong cents per unit of electricity – the same level logged in March.
That means the amount to be paid by the customers will remain unchanged.
“As the actual level of Fuel Cost Adjustment for April to June is not yet available, if it is higher than 62.8 Hong Kong cents per unit of electricity, the special fuel rebate will kick in to maintain the level of Fuel Cost Adjustment at 62.8 Hong Kong cents per unit of electricity,” a statement read.
And if the level is lower than 62.8 Hong Kong cents per unit of electricity, the actual level of the Fuel Cost Adjustment of the respective month will be adopted for calculating the tariff.
“In order to support the community and sustain the recovery momentum, we are offering customers a special fuel rebate to reflect the positive developments in fuel prices seen earlier and help mitigate the impact of fuel cost fluctuations,” said Chiang Tung-keung, Managing Director of CLP Power HK.
“The international oil prices have fallen from higher levels, and we can see signs of a stabilizing trend. We hope this trend will continue.
“In recent weeks, coal prices have fallen too. If the international oil and coal prices continue to stay at lower levels, we believe that our customers will soon see a reduction in the Fuel Cost Adjustment, easing their tariff pressure,” Chiang also said.
CLP Power added that it has made tremendous efforts to implement cost-saving initiatives, and it continues to freeze the Average Basic Tariff at 93.7 Hong Kong cents per unit of electricity in 2023 – at the same level for three consecutive years.
