Hong Kong electricity suppliers offer relief measures for needy, with firms expected to reveal tariff adjustments for 2024

Hong Kong's two main electricity providers have announced plans to support families who are struggling with money. They will soon share their pricing for electricity for the upcoming year. CLP Power, which is the bigger of the two, has set aside HK$70 million for 2024 to help families with low incomes. HK Electric plans to spend HK$55 million on environmental projects and to give cash vouchers to families in need. On Tuesday, a group of lawmakers will review how these companies are regulated and discuss possible changes. The companies are also expected to present their investment plans for the next five years, which will affect their future electricity prices. The government is looking to negotiate with these firms to reduce their profits, make them share the burden of fuel costs during energy crises, and reassess penalties and rewards for power outages. CLP Power has committed over HK$200 million for programs to assist the needy and encourage saving energy. They will provide subsidies to elderly individuals, low-income families, and disabled persons, as well as to small households and businesses to upgrade to more energy-efficient equipment. HK Electric will offer cash vouchers to financially challenged households and support the installation of solar panels in schools and non-profit organizations. They will also continue to provide financial aid to cover electricity costs for residents in small apartments. A community organizer commented that while the support is welcome, it may not significantly offset the increased fuel charges, but it's understood that these companies are still businesses that need to make a profit.