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Annual Report 2020 HK Electric Investments, Constituted in January 2014, Is a Fixed Single Investment Trust in Hong Kong Focusing Purely on the Energy Sector

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Annual Report 2020 HK Electric Investments, Constituted in January 2014, Is a Fixed Single Investment Trust in Hong Kong Focusing Purely on the Energy Sector % 70 2020 % 50 Generation Gas-fired FOR THE Annual Report ON TRACK ON % NEXT MILESTONE 30 HK Electric Investments and HK Electric Investments Limited Annual Report 2020 HK Electric Investments, constituted in January 2014, is a fixed single investment trust in Hong Kong focusing purely on the energy sector. Our Share Stapled Units, issued by the trust and HK Electric Investments Limited (collectively known as “HKEI”), are listed on the Main Board of the Hong Kong Stock Exchange. Our trust is structured to enable us to maintain a single-minded focus on delivering stable distributions to holders of our Share Stapled Units, while ensuring we have the potential for sustainable long-term growth. Our main operating company, HK Electric, is a power utility responsible for the generation, transmission, distribution and supply of electricity to more than 583,000 customers in Hong Kong. Powering the city’s economic growth since 1890 with affordable, safe and reliable electricity, HK Electric is increasing its gas-fired generation to help combat climate change and bring cleaner air to Hong Kong. We are committed to continuing HK Electric’s long tradition of community engagement and support for the underprivileged, and to remaining a positive and responsible member of the Hong Kong community. HK E lectri On Track for c In vestme nts and HK E the Next Milestone % lec 70 t ri c In vestme The journey towards low carbon is a significant one with a number of key nts Limit milestones in the years ahead. HKEI and our wholly owned subsidiary ed 50% Generation Gas-fired HK Electric are committed to this goal, with the mission of creating 30% cleaner air and a greener Hong Kong for current and future generations. The cover of our 2020 Annual Report showcases that despite major socio-economic disruption, we remain on track to achieve approximately 70% gas-fired generation by 2023. A nnua ON TRACK l Report 2 FOR THE 020 NEXT MILESTONE Annual Report 2020 GO GREEN SMART CITY CONTENTS 2 Performance Highlights FINANCIAL STATEMENTS HK Electric Investments and BUSINESS REVIEW HK Electric Investments Limited 6 Chairman’s Statement 88 Independent Auditor’s Report 9 Long-term Development Strategy 94 Consolidated Statement of Profit or Loss 10 Year at a Glance Consolidated Statement of Comprehensive 95 CEO’s Report Income 14 Operation Review 96 Consolidated Statement of Financial Position 28 Sustainability Review 97 Consolidated Statement of Changes in Equity 44 Financial Review 98 Consolidated Cash Flow Statement 47 Awards Gallery 99 Notes to the Financial Statements HK Electric Investments Manager Limited CORPORATE GOVERNANCE 174 Independent Auditor’s Report Statement of Profit or Loss and Other 52 Boards of Directors and Management Team 176 Comprehensive Income 59 Combined Report of the Directors 177 Statement of Financial Position 62 Combined Corporate Governance Report 178 Statement of Changes in Equity 81 Risk Management 179 Cash Flow Statement 83 Risk Factors 180 Notes to the Financial Statements Other Information 184 Five-year Financial Summary of the Groups HK Electric — Ten-Year Scheme of Control 185 Statement HK Electric — Ten-Year Statement of 186 Financial Position 187 HK Electric — Ten-Year Operating Statistics 188 Corporate Information Financial Calendar and Share Stapled Unit 190 Information 191 Glossary GO GREEN SMART CITY HK02 Electric Investments Annual Report 2020 PERFORMANCE HIGHLIGHTS Financials Generation RE Subscribed by Customers Generation Capacity Number of GWh MW Renewable Energy (RE) ~3.5 3,617 2019: ~2.3 GWh 2019: 3,237 MW Installations under Feed-in Tariff (FiT) Scheme Generated Generated Electricity 130 by HK Electric Generation (Total capacity 2.3 MW) by FiT Gas-fired Coal-fired 2019: 58 (Total capacity 1.0 MW) GWh ~2.0 GWh ~1.5 2019: ~1.8 GWh ~50% ~50% 2019: ~0.5 GWh 2019: ~30% 2019: ~70% Transmission & Distribution Supply Reliability Unplanned Power Interruption Network Length per Customer % 6,638 km >99.9999 <0.5 minute 2019: >99.999% 2019: 6,536 km 2019: 0.6 minute Customer Services Units Sold Smart Meters Installed 10,134 GWh Number of >40,000 2019: 10,519 GWh Free Electric Vehicle Mass rollout commenced in 2020 Charging Operations Number of Customers Average Customer 20,385 Satisfaction Index 583,000 2019: 12,314 (5-Point Scale) 2019: 581,000 4.72 2019: 4.63 03 Operations Generation RE Subscribed by Customers Generation Capacity Number of GWh MW Renewable Energy (RE) ~3.5 3,617 2019: ~2.3 GWh 2019: 3,237 MW Installations under Feed-in Tariff (FiT) Scheme Generated Generated Electricity 130 by HK Electric Generation (Total capacity 2.3 MW) by FiT Gas-fired Coal-fired 2019: 58 (Total capacity 1.0 MW) GWh ~2.0 GWh ~1.5 2019: ~1.8 GWh ~50% ~50% 2019: ~0.5 GWh 2019: ~30% 2019: ~70% Transmission & Distribution Supply Reliability Unplanned Power Interruption Network Length per Customer % 6,638 km >99.9999 <0.5 minute 2019: >99.999% 2019: 6,536 km 2019: 0.6 minute Customer Services Units Sold Smart Meters Installed 10,134 GWh Number of >40,000 2019: 10,519 GWh Free Electric Vehicle Mass rollout commenced in 2020 Charging Operations Number of Customers Average Customer 20,385 Satisfaction Index 583,000 2019: 12,314 (5-Point Scale) 2019: 581,000 4.72 2019: 4.63 BUSINESS REVIEW Achieving key milestones and supporting the community L11 L11 0606 HK Electric Investments Annual Report 2020 CHAIRMAN’S STATEMENT 2020 demonstrated HKEI’s resilience and progress on our decarbonisation journey despite the COVID-19 pandemic. At the outset, I would like to acknowledge the dedication To help those sectors of the community that have been and commitment of my colleagues, our contractors and particularly hard-hit by the economic downturn, we offered a suppliers who have met the operational challenges of package of relief measures and energy-saving initiatives with the pandemic and transferred seamlessly to new ways of a total of about HK$34 million. These included provision working in order to stay on track for our next milestone. of dining coupons to underprivileged households, catering subsidies for NGOs and electricity payment relief to tenants The commissioning of L10, a 380-MW gas-fired of sub-divided units. combined-cycle generating unit, in February 2020, marked a major step forward in our coal-to-gas transition to supply Financial results and distributions Hong Kong with greener energy. With L10 fully operational, we now generate 50% of our electricity from gas, compared For the year ended 31 December 2020, HKEI’s EBITDA was to about 30% before. HK$7,140 million (2019: HK$7,194 million) and audited profits attributable to holders of Share Stapled Units (SSU) At the same time, we overcame the travel restrictions was HK$2,732 million (2019: HK$2,327 million). and shipping delays prevalent through the year to make satisfactory progress with other key infrastructural projects The Board of the Trustee-Manager has declared a final in line with our 2019-2023 Development Plan: the distribution by the Trust of HK16.09 cents (2019: HK16.09 development of L11 and L12, two more 380-MW gas-fired cents) per SSU, payable on 13 April 2021 to SSU holders generating units, supported by an offshore liquefied natural whose names appear on the Share Stapled Units Register on gas terminal. 31 March 2021. This, together with the interim distribution of HK15.94 cents (2019: HK15.94 cents) per SSU, amounts Alongside this extensive development programme, we to a total distribution of HK32.03 cents (2019: HK32.03 maintained normal operations of our generation facilities cents) per SSU for the year. at Lamma Power Station, while taking due precautions to ensure the health and safety of our employees and On track for decarbonisation contractors. Performance of generation, transmission and distribution, and customer services remained strong. Despite We are progressing towards decarbonisation along three the socio-economic challenges of 2020, the company has pathways. The first pathway is reduction of emissions, set a new supply reliability record, achieving an impeccable including carbon dioxide, during electricity generation. This rating of over 99.9999% and unplanned power interruption is one of the primary goals of our 2019-2023 Development of less than 0.5 minute on average per customer. Plan. Following L10, we are constructing L11 and L12, two more 380-MW gas-fired generating units, for launch in 2022 and 2023 respectively. Despite the disruptions in 2020, Business Review 0707 Chairman’s Statement construction made satisfactory progress on both units in for customers seeking to install EV charging facilities on tandem, including sourcing of equipment from overseas their premises. The service was well received with over 200 vendors, construction of civil structures and installation of applications from building owners and managers. critical plant equipment. The third pathway is encouraging energy conservation and An offshore liquefied natural gas terminal using Floating installation of renewable energy generation facilities among Storage and Regasification Unit (FSRU) technology is also our customers. We continued to operate a number of included in the plan and will be launched in 2022. We initiatives under the Smart Power Services umbrella during commenced the environmental monitoring and audit the year. The Smart Power Building Fund approved about programme for the terminal during the year and the site HK$13 million worth of subsidies to help customers improve work also started in late 2020. When all three new gas-fired energy efficiency of their residential buildings and business generating units are operational in 2023, 70% of our premises. Our Feed-in Tariff Scheme connected another electricity will be generated from natural gas, allowing us to 72 customer-operated renewable energy generation sites reduce absolute carbon emissions by about 40% compared to the grid and the total renewable energy generated by all with the 2005 level.
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