Case studies

Powering Hong Kong's growth and prosperity through a new five-year Development Plan

As Hong Kong’s largest power company with a legacy stretching over 120 years, CLP has always been committed to supporting the city's long-term development and prosperity.

CLP Power's new Development Plan for 2024 to 2028 estimates a capital expenditure of approximately HK$52.9 billion on investments that will provide strong support for the Hong Kong SAR Government’s policy priorities, including developing new areas of economic growth to reinforce Hong Kong’s advantages as a global city and supporting the city’s decarbonisation process. The new Development Plan was approved by the Executive Council of the Hong Kong SAR Government in November 2023 under the current Scheme of Control (SoC) Agreement.

Hong Kong is CLP's home market. Here, CLP operates a vertically integrated power supply business and supplies highly reliable electricity to over 80% of the city’s population. In the new Development Plan for 2024 to 2028, CLP Power commits itself to a range of investments that will support Hong Kong’s accelerating economic and infrastructural development along with its long-term decarbonisation goals.

One of the government's policy priorities is to reinforce Hong Kong’s competitive edge through new development areas and infrastructure, which will act as engines for future growth. In the new Development Plan, CLP Power has confirmed a range of investments to meet the emerging demand for energy from new development areas, large-scale infrastructure projects, new energy transportation and new areas of housing supply. At the same time, CLP Power will continue to maintain world class reliability by providing a stable power supply at a reasonable cost.

In line with the government's vision of building Hong Kong into a world-class smart city, CLP Power is leveraging its expertise to help the city embrace new technologies and other innovations in its energy system. Key initiatives highlighted in the new Development Plan include the further roll-out of smart meters, tower strengthening and network reinforcement work, the introduction of grid-scale batteries, and pilot hydrogen blending. To support Hong Kong's transition to a lower-carbon future, CLP Power is also continuing to progressively phase out coal-fired generation, and is working with the government to expand the proportion of natural gas and non-fossil fuels in the city’s fuel mix by the interim milestone of 2030. 

The tariff adjustment and the CLP Community Energy Saving Fund (CESF) for a range of support programmes for 2024 are included in the first year of the new five-year Development Plan.