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We Are Well-Positioned to Navigate the Energy Transition and Transform

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We Are Well-Positioned to Navigate the Energy Transition and Transform Business We are well-positioned Performance to navigate the energy transition and transform and Outlook into a utility of the future CLP’s transmission network, Hong Kong Financial and Operational Performance Overview CLP worked hard to deliver a highly reliable, environmentally responsible and safe electricity supply to customers in 2017. Regrettably, during the year there were two industrial incidents which led to four casualties. Hong Kong In 2017, operating earnings from our electricity business increased 2.6% from a year ago to HK$8,863 million. Operating Earnings of Hong Kong Electricity Business (HK$M) 全書不能收 Leading。 Continue to support the Government’s 8,640 2016 Earnings Table 段前 / 後 (Ctrl+Alt+Shift+B) 的基本設置是段前 0mm，段後 1.2mm。 當 前撞 時，要人手將 段後改為 。 table Para/Heading Para/Heading 2.0mm clean energy policies to make +239 Increase in net return on higher average net fixed assets Table 與 Table 間距，在第二個 Table 設段前 0.6mm。 Unfavourable fair value movement on forward foreign exchange contracts Table 後是 Note，設段後 1.5mm -96 Hong Kong smarter and greener used to hedge the perpetual capital securities 盡可能不要改動段落的段前 後，優先調教 段前 後。 / Table / +48 Favourable fair value movement on loan and procurement related derivatives Table Column Width Refer to Layout Guide +32 Others 「*」的 size 要特別處理，「*」Size 是 7 的話要將垂直及水平縮放設定為 (157%), 8 是 8,863 2017 Earnings (137.5%), 9 是 (122%) 0 8,600 8,700 8,800 8,900 在 note point 情況下的「*」不可高過字頂，要齊字頂，7 point 字 (-2.5 point)。 Table 裡的「*」與字之間要用 half space。方法與「/」前後 space 一樣，用 Ctrl + Alt + CLP’s operations in Hong Kong have been regulated by the demand peak of 7,155MW on 22 August, 1.8% higher than the Shift + M。 Government under the Scheme of Control (SoC) Agreement previous record set in 2014 and 4.6% above the day of highest for more than 50 years. This arrangement has provided the demand in 2016. The demand peak during the year would have 裡的 「 」字，要用 。 Table (note) 7 point size stability to allow us to respond to the changing needs of Hong been higher had we not actively pursued demand response Kong society and deliver a constantly improving environmental initiatives under which we incentivise key customers to reduce Table 底的線要人手將儲存格下縮 (Ctrl+Alt+B) 變做「0」 performance. electricity usage. Table Frist Column 如要 Indent 要人手落左縮 3mm，不能用 EM Space「 」 A new SoC Agreement was signed with the Government in 「/」前後要有一個 1/2 space「 / 」(alt+shift+ctrl+m) Local Electricity Sales in 2017 April 2017, giving CLP the opportunity to continue to power (a), •, * 及 (Note) Tab 之後的距離跟以下指示。 the growth of Hong Kong. It comes into effect in October 2018 Year-on-Year Change eg: and runs until December 2033. The new Agreement provides Increase / (Decrease) (a) Text texting.....6, -6 certainty for our customers, employees, shareholders, and GWh % everyone who uses the electricity infrastructure of Hong Kong. Residential (177) (1.9) • Text texting.....4, -4 (注意: bullet要用Frutiger LT Std - 55 Roman) It will help us to undertake the long-term investments needed Commercial (14) (0.1) Note size to support Hong Kong’s transition to a low carbon economy Infrastructure and Public Services 129 1.5 * Text texting.....4, -4 guided by the Hong Kong Government’s 2020 and 2030 carbon Manufacturing (11) (0.6) Note: Text texting.....8.5, -8.5 intensity targets. In accordance with the requirements of the Share of Total Local Sales (a) Text texting.....5, -5 new SoC Agreement, we have submitted a Development Plan for 2018-2023 to the Government. 5% Meeting Customer Needs 28% Residential 27% 留意 Consolidated 及 The number of customers served by CLP in 2017 increased year- Commercial on-year from approximately 2.52 million to 2.56 million. Local Infrastructure and Public Services Notes Section 的 Table sales of electricity decreased slightly by 0.2% to 33,164 gigawatt Manufacturing hours (GWh) compared with the previous year. The reduction 40% was caused mainly by a dip in demand from the residential Text Size 及 Leading 是 sector because of mild weather in the first half of the year. Sales to Mainland China amounted to 1,341GWh, an 11.3% increase 不同的，請留意唔好用 from 2016. As a result, total electricity sales in 2017 saw a 錯 Sample。 marginal increase of 0.2% to 34,505GWh. We recorded a local 38 CLP Holdings 2017 Annual Report CLP Holdings 2017 Annual Report 39 Hong Kong We are mindful of the impact of tariff increases on people’s mainly be financed by an Energy Transition Bond issued Developing a Greener, Smarter Energy System To promote smart living, we launched a mobile app in July livelihood and business, and have maintained a relatively stable at attractive rates under our new Climate Action Finance 2017 that allows customers to manage their electricity Basic Tariff over the past decade. For 2018, with the offering Framework. Construction is progressing well and we are on Electricity has a critical role to play in Hong Kong’s accounts, settle bills, shop for energy efficient appliances, and of a Rent and Rates Special Rebate, we adjusted the Average schedule to put the unit into operation before 2020. transformation into a smart city. It accounts for more than gain quick access to useful information including the locations Net Tariff by 1.9% to HK$1.154 per unit of electricity amid the half of all the energy we use in our homes, businesses, of CLP customer service centres. As we become more reliant on gas and to meet the pressure of continuing inflation, increasing fuel costs due to infrastructure and transport networks. CLP’s world-class Government’s expectations for our fuel mix for power We opened the new CLP Smart Energy Experience Centre increased gas generation by 2020 and rising operating costs. reliability is more essential than ever to power our daily lives generation, we need to ensure we secure additional reliable including the smart phones and computers that make our in Yuen Long in April 2017 to introduce one-stop advisory Powering Hong Kong supplies of natural gas at competitive prices from the global lives more manageable, and we have a unique opportunity to services on smart technology for homes and offices. The 全書不能收 Leading。 market. We are therefore working to develop an offshore play a key role in creating a smarter, greener city. centre also acts as a shop window for home-grown Hong Kong experienced a succession of extreme weather LNG import terminal for our city, using a Floating Storage and companies by showcasing innovative products and services Table 段前 / 後 (Ctrl+Alt+Shift+B) 的基本設置是段前 0mm，段後 1.2mm。 events in 2017. The territory was affected by seven typhoons Regasification Unit (FSRU) located in the southern waters We are making use of new technology to transform such as smart home controls, facial recognition devices, and 當 table 前撞 Para/Heading 時，要人手將 Para/Heading 段後改為 2.0mm。 with two particularly strong ones striking in the space of five of Hong Kong. Good progress has been made on LNG supply conventional transmission and distribution networks into a voice-controlled appliances developed by local start-ups. Table 與 Table 間距，在第二個 Table 設段前 0.6mm。 days. We were able to maintain our highly reliable service and the FSRU vessel arrangements. We are now finalising smart grid. Drones are being deployed to inspect power lines Table 後是 Note，設段後 1.5mm For business customers, we provide an energy audit service despite these challenges. During Typhoon Hato, which the environmental impact assessment for the project and will and generation facilities to improve efficiency and safety, and triggered Hong Kong’s most severe number 10 storm warning Virtual Reality technology is being applied to operational and to assess their energy efficiency performance. This helps 盡可能不要改動段落的段前 / 後，優先調教 Table 段前 / 後。 soon submit it to the Government. for the first time since 2012, CLP customers experienced an safety training to enhance its effectiveness. them identify savings opportunities and areas in need of Table Column Width Refer to Layout Guide average of just 0.7 minutes of unplanned power interruption, The new SoC Agreement contains important elements to improvement. More than 160 audits were conducted in At the same time, we want to make smart technology directly down from 1.8 minutes when Typhoon Vicente hit Hong support Hong Kong’s transition to a low carbon economy. 2017. We also launched the Smart Enterprise Service app, available to more of our customers. The Smart Energy 「*」的 size 要特別處理，「*」Size 是 7 的話要將垂直及水平縮放設定為 (157%), 8 是 Kong five years earlier. Despite Hato’s closer proximity and These include initiatives to increase the pace of energy deploying an Internet of Things platform for total energy 是 Programme launched in the middle of last year provided the (137.5%), 9 (122%) higher wind speeds, the number of customers affected also efficiency projects undertaken by our customers, and the management solutions which enable customers to control opportunity for 26,000 residential customers to take part in dropped to less than 23,000, compared with 32,000 during introduction of new programmes to promote renewable energy. and monitor their electrical equipment and devices remotely. 在 note point 情況下的「*」不可高過字頂，要齊字頂，7 point 字 (-2.5 point)。 a one-year demand side management pilot study to examine Vicente. These figures highlight the resilience of our systems. Two important new energy efficiency funds are being how they could better manage their consumption and make Green transport is a key requirement for any smart city. To Table 裡的「*」與字之間要用 half space。方法與「/」前後 space 一樣，用 Ctrl + Alt + More importantly, they underline the need for continuing established.
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