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Customers with one of Hong Kong’s top energy firms have been forced to bear the brunt of steeper supply costs after the conflict in the Middle East cut off gas from Qatar earlier this year, the company’s CEO has said.
HK Electric’s Francis Cheng Cho-ying said on Sunday that the firm had not received any gas from Qatar since March, after Iranian strikes damaged production facilities that accounted for a significant portion of the contracted gas supply for the Lamma Island power plant.
The company instead turned to the spot market, resulting in far higher prices.
“The impact has been very significant,” Cheng told media outlets. “We cannot afford to gamble on fuel … if there’s truly no supply and it affects electricity generation, the cost to Hong Kong will be bigger.”
HK Electric, which serves customers on Hong Kong Island and Lamma Island, raised its fuel surcharges for July by 33.9 per cent to 41.9 HK cents per unit of electricity, up from 31.3 HK cents in June.
The company also warned of further tariff increases in the near future due to the deferred effect of higher fuel costs.
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