Govt Urged To Stop Rewarding Power Firms For Outages
"); jQuery("#212 h3").html("

"); });
2023-05-22 HKT 17:57
Lawmakers on Monday urged the government to rethink how it holds power companies to account after a power outage last month provided Hong Kong Electric with an opportunity to increase its profits.
The outage affected more than 40,000 customers, but because it was fixed within 65 minutes, the company will be able to slightly increase the return it is allowed under its operating agreement with the administration.
During a Legislative Council meeting, Roundtable lawmaker Michael Tien said the city's two power companies should face penalties for disruption, similar to those handed to the MTR Corporation for train service glitches.
"If there is nothing wrong, they will not be penalised. Otherwise, they should be penalised according to the severity of the incident," Tien said.
"Depending on the duration of suspension, the MTR receives a penalty. Why can't [the government] develop a similar mechanism for the power companies?" Tien asked.
The lawmaker also urged the government to lower the companies' permitted returns, to bring down electricity prices.
Secretary for Environment and Ecology Tse Chin-wan said the government will consider the suggestions in its upcoming interim review of the Scheme of Control Agreements with the power firms.
EDENA Unveils AI System To Automate Sovereign Asset Settlement
At the DAT Summit Hong Kong, EDENA Capital Partners launched the Autonomic Financial OS. The company describes it as an... Read more
Naver Exposes 15,000 Knowledge IN Users Activity, Moves To Improve Privacy Controls
Naver has announced measures following an incident in which around 15,000 users’ activity histories on Knowledge iN w... Read more
Japans PayPay Files For US IPO, Targets Valuation Above US$10B
SoftBank‘s digital payments unit, PayPay, has filed publicly for a US IPO. The listing could be the largest by a Japa... Read more
Inference Research Launches In Hong Kong With US$20M Seed Funding
Inference Research, an AI-native quantitative trading firm based in Hong Kong, has announced its launch and the expecte... Read more
London-Based Unlimit Appoints Michele Fung To Lead APAC Expansion
London-based fintech company Unlimit, which provides a broad range of financial technology services, has appointed Mich... Read more
SoFi Launches Digital Asset Trading In Hong Kong Through OSL Partnership
SoFi Securities (Hong Kong) (SoFi Hong Kong) and OSL Group have announced a partnership to offer digital asset trading ... Read more