The spokesman explained that, per the established mechanism, the FCC is adjusted monthly to reflect the changes in fuel costs more promptly.

And following the drop in international fuel prices since early this year, the increase in HK Electric's FCC has eased off and was expected to go up by 1.1 cents in May to 91.7 cents per unit of electricity.

However, based on the fuel prices in recent months, the FCC is expected to go down by mid-2023, and thus HK Electric decided to freeze the payable amount in May at the April level by offering a special fuel rebate.

Furthermore, the spokesman said that the new offshore liquefied natural gas (LNG) terminal developed jointly with CLP Power is going into operation in mid-2023, providing access to LNG at competitive prices and beneficial for curbing fuel costs.