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Tuesday, December 13, 2016, 20:50

Price of electricity to drop significantly next year

By chinadailyasia.com

Price of electricity to drop significantly next year
This long exposure picture shows an electricty pylon (right) overlooking apartment buildings and office blocks that are clustered tightly together in Hong Kong's Kowloon district on Oct 28, 2013. (AFP PHOTO / ALEX OGLE)

HONG KONG - Households and businesses in Hong Kong will see their cost of electricity reduced significantly next year, driven by a lower global energy price.

This is the second consecutive year that the city has seen its energy prices reduced

Hongkong Electric, the energy supplier for Hong Kong Island and most of the other islands in Hong Kong waters, will reduce its tariffs by 17 percent. CLP Power, the sole energy provider for Kowloon, the New Territories and Lantau, will freeze its tariffs but offer an HK$0.023-per-unit (kWh) discount for electricity users.

The announcement was made at a Legislative Council panel meeting over the issue on Tuesday.

This is the second consecutive year that the city has seen its energy prices reduced .

All the 570,000 customers living on Hong Kong and Lamma Islands will benefit from the reduction, the Hongkong Electric representative reported to the meeting. Some 70 percent of households will save HK$110 every month, and 70 percent of business organizations will save as much as HK$400, according to Hongkong Electric statistics.

Through the discount offered to the public, CLP Power will refund a total of HK$4 billion to electricity users .

Early this year CLP Power reduced its 2016 tariff by 0.9 percent and Hongkong Electric by 1.1 percent.

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