Hongkongers are set to face higher electricity bills as the CLP chief said the company is dealing with a volatile global fuel market and a worsening energy crisis brought on by the war between Russia and Ukraine.

Chiang said such an impact on Hong Kong would be relatively small compared to places like Singapore and Tokyo as the city has a mix of energy sources - including nuclear energy from its power plants and a stable supply of natural gas from the mainland.

However, he said the electricity tariffs will increase inevitably as the firm's cost to generate electricity is rising rapidly.

"With such great cost pressure, we expect that it's unavoidable that electricity price will rise next year. However, CLP Power will continue to help our customers to reduce their carbon emissions and lower their expenditure on electricity,” said Chiang.

He revealed that the company is now in talks with the government about new tariff levels, and an announcement will be made in due course.