HK Electric has increased its fuel surcharges for July following the loss of gas supplies from Qatar since March. CEO Francis Cheng Cho-ying attributed the cutoff to damage from Iranian strikes on production facilities.
HK Electric serves customers on Hong Kong Island and Lamma Island. The company turned to the spot market for fuel after losing contracted supplies from Qatar that fed its Lamma Island power plant.
CEO Francis Cheng Cho-ying said the impact has been very significant. He added that the firm cannot afford to gamble on fuel supplies.
The utility raised its fuel surcharges for July by 33.9 per cent to 41.9 HK cents per unit of electricity, compared with 31.3 HK cents in June. It also warned of further tariff increases ahead due to higher fuel costs.
