CLP (2) Q3 2026 earnings summary

Executive summary

• Hong Kong electricity sales rose 2.5% YoY to 28,131 GWh in 9M 2026, supported by economic growth, data centres and EV charging.

• Operations reflected contrasting conditions: renewable generation grew moderately in mainland China and India, while weaker wholesale markets pressured Australian generation margins.

Financial highlights

• Hong Kong sales by sector: commercial 11,024 GWh, +4.3% YoY; infrastructure and public services 8,292 GWh, +4.0%; residential 7,637 GWh, -1.4%; manufacturing 1,178 GWh, +1.0%.

• Data-centre electricity sales increased 12.8% YoY and represented 6.6% of Hong Kong consumption.

• Hong Kong’s average net tariff in October was 4.8% above its January level, reflecting higher fuel costs; a special August–October rebate is expected to give ~50% of residential customers ~HK$100 each.

Outlook and guidance

• Sandy Ridge Data Facility Cluster infrastructure is targeted to begin phased operations from mid-2027; build-out is also advancing in Hung Shui Kiu and San Tin Technopole.

• Wooreen battery construction is progressing toward completion in Q3 2027; the 50 MW/200 MWh Hallett battery is on track for commissioning in H2 2027.

• Yallourn Power Station is scheduled to retire in 2028; EnergyAustralia is reviewing potential data-centre development and associated gas generation and battery storage at the site.

• Three Indian transmission projects are on track for commissioning in 2026, while three renewable projects remain under construction.