All Hong Kong residential accounts to receive HK$1,000 electricity subsidy in coming year, as prices rise
Hong Kong Free Press
The government will introduce an electricity subsidy totalling HK$1,000 for the coming year starting from June 1, following price hikes earlier this year, according to a Friday press release.
A credit of HK$80 will be provided to each CLP Power Hong Kong (CLP) or Hongkong Electric (HK Electric) residential account on the first day of each month for 11 consecutive months. For the 12th month, the subsidy will be HK$120, totalling HK$1,000 in all.
The subsidy is among the one-off relief measures announced by the financial secretary in the 2023-24 Budget to alleviate economic pressures on the public. The measure is expected to reduce government expenditure by about HK$2.9 billion and benefit around 2.9 million eligible households.
The subsidy can be combined with unused credits provided under previous schemes enacted in 2008, 2011, 2012, 2013, 2020, 2021 and 2022. The unused credits can also be carried forward to cover billed electricity charges until December 31, 2025 or until the close of the account, whichever is earlier.
Electricity rates increased
CLP Power and HK Electric are the sole electricity providers in Hong Kong, with the former providing power for Kowloon, the New Territories, and the majority of the outlying islands, whilst the latter powers Hong Kong Island, Ap Lei Chau and Lamma Island.
CLP Power announced last November that there would be a year-on-year unit price increase of 19.8 per cent in January, while HK Electric’s rate increased by 45.6 per cent.
The hike was equal to a 6.4 per cent increase for CLP customers, and a 5.5 per cent rise for HK Electric customers, when compared to last November rates.
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