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HK Electric Investments H1 Power Sales Climb YoY

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Hong Kong-based HK Electric Investments posted a year-over-year increase in H1 electricity sales to $5.91 billion from $5.54 billion on Tuesday.

The company disruption in the Strait of Hormuz impacted its gas-fired generation, which accounts for almost 70% of its total output.

Supply reliability was close to 100% in H1, exceeding pledged service delivery standards, it said.

With electricity prices expected to remain high in H2 due to Middle East tensions, the company will extend a subsidy of HK$0.08 ($0.01) per unit from August through October to residential customers with monthly electricity consumption of at most 450 units.

Meanwhile, HK Electric Investments is advancing its capital projects, with the construction of its fourth 380-megawatt gas-fired combined-cycle generating unit and three new oil-fired open-cycle gas-turbine units.

It is also supporting the expansion of renewable energy systems and has connected 27 new customer-owned installations to the grid under the feed-in tariff scheme in H1.

Its solar power systems generated about 1 gigawatt-hour of electricity during the period, while customer-owned installations generated 6.8 GWh.

The company also said that "another area of focus was to progress with digital transformation and grid augmentation, optimizing the network to support city development and strengthen overall system resilience."

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