Different regulatory environments across CLP’s markets affect growth opportunities locally. In Mainland China, especially in the Greater Bay Area (GBA), opportunities are significant due to the region’s large population and its proximity to CLP’s home market of Hong Kong. This offers prospects for mutually beneficial joint venture partnerships with State Owned Enterprises. CLP is working with public and private sector partners to accelerate the energy transition in line with government objectives, scale up electricity generation to meet rising demand as other sectors electrify, and introduce new energy products and services that meet customer needs.
Creating new revenue streams as other sectors electrify
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Electricity demand is set to increase significantly as more industry sectors electrify. CLP is enabling the transition to a low carbon economy by scaling up its zero-carbon electricity generation to meet demand and support the net zero plans of Hong Kong and other markets. In addition, electrification presents opportunities to expand into new business lines in adjacent sectors such as transport, as well as other parts of the energy value chain including electric vehicle charging.
As the energy market evolves to become more customer-centric, CLP is changing through innovation and the adoption of new technologies, bringing cleaner and smarter power to its customers. For example, to further promote and facilitate the adoption of eMobility, CLPe and AVIS Hong Kong (AVIS) announced the launch of Hong Kong's first Electric Vehicle-as-a-Service in May 2023. This one-stop solution combines an EV rental service and a charging service, offering cost-effective options for businesses looking to switch to green motoring and helping Hong Kong achieve its goal of zero vehicle emissions.
CLP Power continued to provide free EV charging services in 2023 to encourage the expansion of green motoring in Hong Kong. In 2023, CLP continued to enhance its charging infrastructure within CLP premises to support greater EV adoption in its fleet.
In addition, since 2018, CLP Power has connected 2.23 million smart meters for around 80% of its residential and SME customers aiming to promote low-carbon living and further improve the safety and dependability of the power supply. In order to minimise energy use during hot summer days when demand is highest, CLP Power has been extending an invitation to residential customers with smart meters to slightly reduce their consumption since 2020. This summer, approximately 950,000 families were invited to participate in the peak demand management programme. Approximately 70% of these households saved 410,000 kWh of electricity over a four-hour peak time, which is equivalent to a reduction of 160 tonnes of carbon emissions.
CLP’s Group Ventures & Research Department integrates the Group’s venture investing, ecosystems activity and research capabilities into a single team. For example, CLP's venture portfolio company R&B has unlocked a new business line for CLPe. R&B’s AI-powered energy management solution has helped customers such as The Hong Kong University of Science and Technology and Caritas Medical Centre, providing them with greater insights into and control over their energy usage. Similarly, Neuron, another portfolio company, is being considered as a product offering by CLPe to customers, through focusing on the development and application of the best available technologies for the built environment with an emphasis on efficiency and sustainability principles.
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