62
CLP Group 2015 Annual Results Analyst Briefing 29 February 2016
CLP Group 2015 Annual Results
Analyst Briefing
29 February 2016
This presentation contains some comments about future events including our
expectations about the performance of CLP Group's business. The comments
are not audited and are based on a number of factors that we cannot
accurately predict or control. We cannot be certain that the comments will be
accurate or complete and so they should not be relied on. From time to time
as circumstances change we may update our website at www.clpgroup.com
and will update the Hong Kong Stock Exchange when relevant to comply with
our continuous disclosure obligations.
This presentation is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration. Any public offering of securities in the
United States must be made by means of a prospectus that contains detailed
information about the issuer and its management, as well as financial
statements.
Maps included in this presentation are indicative only. They are provided for
the purpose of showing the approximate location of CLP Group’s assets, and
do not purport to show the official political borders between different countries. 2
Disclaimer
Agenda
3
Performance Overview
Group Financial Performance and Operating Information
Performance by Business Units
Strategy and Outlook
Appendices
Focus • Delivery • Growth
A significant increase in earnings from overseas businesses
and a full year of increased ownership in CAPCO drove a 15%
growth in operating earnings across the Company
Investment policy focusing on transition to a low carbon future
Healthy cash flow and strong credit rating with stable outlook
Fourth interim dividend of HK$1.05 per share, 5% increase yoy
Total dividends of HK$2.70 per share, 3% increase yoy
4
Earnings and Dividends 2015 2014 Change
Operating earnings (HK$M) 11,533 10,062 15%
Total earnings (HK$M) 15,670 11,221 40%
Operating earnings per share (HK$) 4.56 3.98 15%
Total earnings per share (HK$) 6.20 4.44 40%
Dividends per share (HK$)
First to third interim dividends 1.65 1.62 2%
Fourth interim dividend 1.05 1.00 5%
Total interim dividends 2.70 2.62 3%
Financial Performance
5
(1) Equity basis and capacity purchases. Also includes long-term power contracts from facilities in which we hold an equity interest
(2) Equity basis and capacity purchase
(3) Non-carbon emitting includes wind, hydro, solar and nuclear
(4) Unplanned customer minutes lost - average of the past 36 months
Operating Information 2015 2014 Change
Safety (Total Recordable Injury Rate) 0.25 0.41 0.16
Electricity sent out (GWh) (1) 78,975 83,773 6%
Generation Capacity (MW) (2)
Total in Operation 21,224 21,063 161
Non-Carbon Emitting (3) 3,873 3,617 256
Under Construction 1,482 1,348 134
Customer Number (Thousand)
Hong Kong
Australia
2,485
2,638
2,460
2,616
25
22
Hong Kong local electricity sales (GWh) 33,033 32,925 0.3%
Reliability in Hong Kong (minutes lost pa) (4) 1.51 2.26 33%
Operating Information
6
Group Financial Performance
7 Xundian Wind Farm, Yunnan, China
HK$M 2015 2014 Change
Revenue 80,700 92,259 13%
Operating Earnings
Hong Kong and related activities 8,422 7,782 8%
Local electricity business 8,276 7,777
Sales to Guangdong and others (5) (25)
PSDC and Hong Kong Branch Line 151 30
Overseas 3,737 2,902 29%
Mainland China 1,977 1,579
India 612 270
Southeast Asia and Taiwan 312 297
Australia 836 756
Others, net (626) (622)
Operating Earnings 11,533 10,062 15%
Items affecting comparability 4,137 1,159
Total Earnings 15,670 11,221 40%
Group Financial Performance
8
HK$M 2015 2014 Change
Operating Earnings
(Attributable to CLP) 11,533 10,062 15%
Exclude:
Fair value
adjustments (237) 24
Net finance costs * (2,941) (4,168)
Income tax expense (2,372) (2,463)
Non-controlling
interests (846) (563)
ACOI
17,929
17,232
4%
Adjusted Current Operating Income (ACOI)
* Included the distribution to perpetual capital securities holders
9
Adjusted Current Operating Income or ACOI
ACOI equals EBIT excluding items affecting
comparability and fair value adjustments, but
includes Group’s share in net earnings from joint
ventures and an associate
Fair value adjustments
Mainly attributable to energy derivative contracts
in EnergyAustralia
Net finance costs *
Reduction mainly due to settlement of finance
lease after CAPCO acquisition and reduced
interest cost due to lower borrowings and lower
interest rates
Income tax expense
Decrease mainly due to reversal of withholding
tax provision on profit distribution in India
Non-controlling interests
Full year of CSG’s 30% share of CAPCO as
opposed to 8 months in 2014
864 53 132 31 491
(27) (362) (485)
(2,000)
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
2014 Scope FX Normalised2014
Hong Kong MainlandChina
India SEA &Taiwan
Australia UnallocatedGroup
Expenses
2015
Hong Kong
Mainland China
India
SEA & Taiwan
Australia
Unallocated Group Expenses
17,232 16,385
17,929
10
HK$M 2015 2014
Hong Kong and related activities 12,370 12,222 Full year of CAPCO and organic growth
Mainland China 2,310 1,934 Earnings from CSEC Guohua and new renewables projects
India 1,429 1,367 Jhajjar and Paguthan earnings higher, wind lower
Southeast Asia and Taiwan 310 294 Good operating performance in Ho-Ping
Australia 2,153 2,001 Operating cost savings and higher customer margins
Unallocated Group expenses (643) (586) Exchange loss in RMB deposits
Total 17,929 17,232 4% increase (or 9% normalised for scope and FX)
Adjusted Current Operating Income (ACOI)
HK$M
Increase on
like-for-like basis
after adjusting for
scope and FX
+9%
Performance by Business Units
Hong Kong Mainland China
India SEA
and Taiwan
Australia
First full year contributions from CAPCO and
Hong Kong Branch Line
Investment of HK$7.6 billion in 2015
Local sales of 33,033 GWh, up 0.3%
Supply reliability maintained above 99.999%(1)
Shift from coal-fired to gas-fired generation to meet
emissions caps
Special Fuel Rebate to customers in August
(HK$1.3 billion)
2016 Average Total Tariff lowered by 0.9%
Lantau Island
New Territories
Shenzhen - China
Kowloon
Shekou
Penny’s Bay Power Station
Daya Bay Nuclear Power Station
Guangzhou Pumped Storage Power Station
Black Point Power Station
Castle Peak Power Station
Hong Kong
Coal Power
Vertically Integrated Business, 59% of Group’s Assets Gas Power Nuclear Power Hydro Power Diesel Oil
132 kV Circuit 132 kV Submarine Cable 400 kV Circuit
Delivering safe, reliable, reasonably-
priced power while managing
emissions and investing in energy
infrastructure to service the future
needs of Hong Kong
(1) Supply reliability based on average unplanned customer minutes lost per year
12
T&D 68%
Others <1%
Gas 16%
Coal 15%
Generation 31%
ACOI for 2015
12,222
11,506
12,370
(678) (38)
588 322
(46)
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2014 Scope change FX Normalised 2014 Increase inownership
Return on higherfixed assets
Others 2015
Hong Kong ACOI
Financial Performance
Scope: Change from lease and equity accounting to consolidation
Higher earnings reflecting
Increased ownership in CAPCO
Organic growth from ongoing investment in fixed assets
Transmission, Distribution & Retail HK$5.2 billion
Generation HK$2.5 billion
Others include lower recovery of expenses and new
Hong Kong Branch Line
HK$M
Outlook
Work with Government on future SoC
Strive for tariff stability
Develop additional gas-fired generation capacity to meet future needs
Provide energy security and further diversification on gas supply
Wenchang bridging agreement signed
Study potential for floating storage and regasification unit for LNG
Continue efforts in promoting Energy Efficiency and Conservation
13
+8%
978 888
248 224 102
-130 (200 )
0
200
400
600
800
1,000
1,200
Coal Nuclear Hydro Wind Solar Opex andothers
ACOI for 2015 (HK$M)
Mainland China
# Other than the projects shown above, we have invested in CGN Wind, which owns over 20 wind projects
14
Mainland China remains one of our
primary growth markets
Continue to develop renewable energy
and high efficiency thermal projects
Carbon-free energy contributed nearly
two-thirds of ACOI, with Renewables 25%
In 2015, 2 new solar projects
contributed to earnings (90MW)
Commenced construction of 4 wholly-
owned wind farms (247MW) and
commitment to an additional 99MW
Construction of Fangchenggang (FCG)
II progressing well (924MW)
Sharing of profit re-commenced for
CSEC Guohua
Continuing organic growth and
pursue new opportunities
Shanghai
Mainland China
Sichuan
Yunnan Guangdong
Guangxi
Jiangsu Shaanxi
Shandong
Hebei Tianjin
Liaoning
Jilin
Beijing Inner Mongolia
Gansu
Guizhou
Generation Business 13% of Group Assets
Hydro Power
Coal Power
Nuclear Power
Wind Power
Solar Power
1,934
2,257 2,310 316 7
(85)
72
(42)
3 12 97
(4)
-
400
800
1,200
1,600
2,000
2,400
2014 Scope FX Normalised2014
Coal-fired Nuclear Hydro Wind Solar New Projects Others 2015
Mainland China ACOI
Outlook
Complete and commission FCG II
Support plant utilisation by pursuing direct sales
and other initiatives
Selective investment in clean energy projects
Explore opportunities from power sector reform
Financial Performance
Scope: Sharing profit from CSEC Guohua re-commenced
Coal-fired: Operated reliably. Reduction reflecting lower tariff and
dispatch of FCG I offsetting strong performance by other coal plants
and reduction in coal price
Nuclear: Contribution reflects strong operational performance
Renewables
Huaiji Hydro affected by low water level
Better wind resource in northern China offset by higher grid
curtailment
Higher solar earnings from newly commissioned projects
HK$M
15
+2%
India
Jhajjar
India
Sipla
Samana
Mahidad Paguthan
Khandke
Jath
Andhra Lake
Saundatti
Harapanahalli
Theni
Mumbai
New Delhi Tejuva
Bhakrani
Chandgarh
Yermala
Jhajjar: Plant availability reached over 80%
with stable coal supply
Paguthan performed in line with expectation.
New Government gas auction scheme
resulted in higher dispatch in 2H
Renewables: 194MW commissioned in
2015. CLP remains India’s largest wind farm
developer with 924 MW operational and
around 149 MW under construction
Finance: The first asset-specific corporate
bond in the Indian power sector for Jhajjar
and the first green bond by a power company
in South Asia and Southeast Asia
Financial performance continue
to improve and CLP remains the
largest wind developer in India
16
658
279
492
0
200
400
600
800
Coal Gas Renewables
ACOI for 2015 (HK$M)
Generation Business 8% of Group Assets
Gas Power
Coal Power
Wind Power
1,367 1,297
1,429
(70)
108 44
(83)
63
-
200
400
600
800
1,000
1,200
1,400
1,600
2014 FX Normalised2014
Jhajjar Paguthan Wind New Projects 2015
HK$M
India ACOI
Outlook
Further strengthen operating performance at Jhajjar
and engaged with Coal India to improve coal quality
Continue to pursue higher dispatch in Paguthan
Pursue steady growth in wind, explore solar options
Evaluate options for coal-fired development at existing
sites
Financial Performance
Jhajjar
Ongoing improvement in operating performance
and progress on litigation and disputes
Paguthan
Benefitted from higher dispatch and higher
efficiency by participating in Government gas
auction scheme
Wind
Weaker Monsoon conditions
One-off recognition of O&M costs (HK$65
million)
17
+10%
Southeast Asia and Taiwan
18
294 279
310
(15)
20
(5)
16
-
100
200
300
400
2014 FX Normalised2014
Ho-Ping NED Opex andDepex
2015
ACOI Southeast Asia and Taiwan
Assets in Taiwan and
Thailand performed well;
continue to pursue
developments in Vietnam
Financial Performance
Lower coal costs at Ho-Ping
Lower solar resource at NED
Lower operating expenses in 2015
Outlook
Progress projects in Vietnam
Closely monitor development
in other Southeast Asian
countries
HK$M
Taiwan
Vietnam
Thailand
Chiang Mai
Bangkok
Ho Chi Minh City
NED
Ho-Ping
Vinh Tan III
Vung Ang II
Coal Power
Generation Business 1% of Group Assets
Solar Power
Potential Development
+11%
274
65
(29)
(100)
0
100
200
300
Coal Solar Others
ACOI for 2015 (HK$M)
Retail
Delivered A$100 million in cost savings ahead of target
Higher online sales and slight increase in mass market
customer account numbers
Improved customer service levels
Announced rationalisation of Australian call centre operations
Wholesale
Efficiency improvements of key assets, including Yallourn
Development approval for Mt Piper’s main coal supply
received
Despite signs of short-term improvement, the wholesale
electricity market remains oversupplied for the foreseeable
future resulting in impairment of generating assets of
A$261 million or HK$1,480 million
Corporate
Completed the sale of Iona Gas Plant for
A$1,780 million or HK$10 billion with proceeds used to
repay third-party debts and CLP Holdings
Majority of the EnergyAustralia US private placement debt
was repurchased delivering saving in finance cost in future
Australia
19
New management team, successful restructure
to focus on customer service, expanding
product offering and reducing costs
Australia
Cathedral Rocks
Hallett
Tallawarra
Mount Piper
Narrabri Gas Project
Yallourn
Brisbane
Sydney Adelaide
SA Retail 0.1m accounts
Qld Retail 0.1m accounts
Vic Retail 1.0m accounts
NSW/ACT Retail 1.4m accounts
Retail and Generation Business 18% of Group Assets
Gas Power
Coal Power
Gas Reserve
Wind Power
Ecogen Hedge
Melbourne
2,658
975
(1,480)
(2,000)
(1,000)
0
1,000
2,000
3,000
Retail Wholesale Corporate
ACOI for 2015 (HK$M)
2,001
1,662
2,153
(339)
1,596
(851) (254)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2014 FX Normalised 2014 Retail Wholesale Corporate 2015
Australia ACOI
Retail
Improved energy margin
Lower operating costs from successful migration of
customers and cessation of Transition Services
Agreement, lower bad and doubtful debts expense and
operational improvements
Wholesale
Lower gross margin due to removal of carbon
compensation and lower wholesale electricity margin
Lower operating costs from closure of Wallerawang
Corporate
Increase in costs due to transformation and
centralisation of costs
Outlook
Continued focus on business transformation to enhance
customer service, improve efficiency and reduce costs
Building new products and services, develop new
partnerships and utilise our digital expertise
Reduced finance costs from stronger balance sheet
20
HK$M
+30%
63.0
51.7
38.0%32.4%
0%
10%
20%
30%
40%
50%
60%
70%
-
10
20
30
40
50
60
70
2014 2015
Thousands
Tho
usa
nd
s
Net DebtNet Debt/Total CapitalHK$bn
19.0
17.3
0
10.2
-
4
8
12
16
20
2014 2015
Free Cash Flow
FCF Cash from divestments
HK$bn
6.6 6.7
-
4
8
12
16
20
2014 2015
Dividends paidHK$bn
6.8 7.3
1.72.8
2.91.1
0.8 0.7
12.3 12.0
-
4
8
12
16
20
2014 2015
Tho
usa
nd
s
Capital Investments
Maintenance capex Others
Growth capex SoC capex
HK$bn
11.5%
12.7%
0%
2%
4%
6%
8%
10%
12%
14%
2014 2015
Operating Return on Equity*
+2%
(3)%
(9)%
+1%
(18)%
* Operating Earnings/Average Shareholders’ Fund
Financial Dashboard
21
Credit Ratings Standard &
Poor’s Moody’s
CLP Holdings A-
Stable
A2
Stable
CLP Power
Hong Kong
A
Stable
A1
Stable
EnergyAustralia BBB-
Stable
-
Arrows indicate recent changes
22
Outlook
Key findings of the Government’s Public Consultation on the
Future Development of the Electricity Market include:
SoC has met energy policy objectives
World class supply reliability above 99.999%
Effective environmental performance
Reasonable tariff
More can be done to promote renewables and energy
conservation
Current SoC should form the basis of a new agreement
CLP is committed to the continuation of excellent performance
and meeting future policy objectives including a smarter and
greener electricity service and the use of more gas in power
generation to support the Government’s environmental targets
A reasonable return and certainty in the regulatory regime are
required to ensure long term and sustainable investment in the
electricity industry
CLP and the Government have commenced discussions on
the new terms of the future regulatory arrangements
Hong Kong – Scheme of Control
23
Source: GoHK Public Consultation on the Future
Development of the Electricity Market (March 2015)
Hong Kong – Energy Security
Diversification of fuel sources is the key to
energy security
In line with Government policy our fuel mix is
increasingly reliant on gas for power generation
In addition to existing gas supply we are seeking
to diversify our sources of gas by:
Entering into a new agreement with the
Wenchang field in the South China Sea starting
in 2018
Studying the feasibility of a Floating Storage
and Regasification Unit to access international
supplies of LNG
Coal
53%
Gas
22%
Nuclear
23%
HK Fuel Mix 2012
Gas
50% Coal,
renewables
& others
25%
Nuclear
25%
Others
2%
Target Beyond 2020
24
Meeting the aspirations of over 5 million customers
Over 5 million customers across Hong Kong and Australia
Long term record of customer service excellence and
reliability in Hong Kong
Significant improvements in service delivery in Australia
following completion of billing system integration
Innovative products and services developed and delivered
Over a century of experience and expertise across the
value chain positions us well for future growth as very
large markets in our region open up
25
Our 2007 initiative “Climate Vision 2050” recognised the urgency of climate
change and set our internal target to cut the carbon intensity of our
generation portfolio by 75% by 2050
We welcome the Paris Agreement from COP21* which provides policy
support for low-carbon energy developments based on a collective
responsibility and country specific solutions
CLP remains committed to working
with customers and Governments
to facilitate an orderly transition to
a low carbon economy
In Hong Kong, we will transition to
gas as a primary source of fuel for
electricity generation by 2020
Outside of Hong Kong we target half of our new investments to be in
renewables and non-carbon technologies
Addressing Climate Change
26
* The 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21) was held in Paris in December 2015. The Paris Agreement provides
a clear direction for low carbon energy development at the international level and much-needed certainty and predictability on the future direction of various countries’ low carbon
development plans through their committed Intended Nationally Determined Contributions (INDCs)
Continuing development of renewables
27
Renewables represent 17% or over 3,000 MW of our equity
generation portfolio*
Largest wind developer in India and largest external renewable
investor in China
In Australia, we underpinned development of 386 MW of new wind
capacity from late 2014 with long term offtake agreements
In 2015 CLP
Invested over HK$3 billion in renewables#
Commissioned 194 MW of wind and 90 MW solar
Had 558 MW of wind under construction at year end
* Equity interest, including projects under construction or committed at year end # Investment represents total project cost for generating capacity for wholly owned projects, and equity injection to joint venture projects
0
1,000
2,000
3,000
4,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
MW Renewables Portfolio (Equity generation and long term offtake)
China India SEA Australia - Equity Australia - Energy purchase
Saundatti Wind, Karnataka, India
Xicun Solar, Yunnan, China
Reducing emissions in thermal developments
28
Hong Kong
Development Plan and EIA for high efficiency Combined
Cycle Gas Turbine submitted
Continue to progress study plans for a Floating Storage
and Regasification Unit in Hong Kong
China
Continue development of ultra super-critical coal plant at
Fangchenggang II
Closure of Beijing Yire Power Station
Continue to look at nuclear investment options
Southeast Asia
Continue to progress projects for high-efficiency coal plant
developments in Vietnam
Australia
Wallerawang closure, decommissioning and rehabilitation
Black Point Power Station, Hong Kong
Fangchenggang Power Station, Guangxi, China
Mainland China
Growth market
Australia
Restore value
Southeast Asia
Secondary growth market
Strategy – Focus • Delivery • Growth
• Retail focused turnaround gaining momentum
• Optimisation of wholesale portfolio continues
Hong Kong
Core market
29
Wind, solar, nuclear and
FCG II ultra super-critical plant
Continue to progress opportunities
Focus on service delivery, CCGT
approvals, gas supply and future
regulatory arrangements
India
Growth market
Continue to pursue
renewable investments
Southern China
Strategic market Track market reforms
Questions and Answers
Jhajjar Power Plant, India
Appendices
31 Black Point Power Station, Hong Kong
32
31 Dec 2015 31 Dec 2014
HONG KONG HK$M HK$M
Total borrowings of CLPH, CLPP, CAPCO, PSDC & CLPE 41,480 40,847
Minus: Bank balances and liquid funds (2,425) (2,579)
Net Debt 39,055 38,268
OVERSEAS
Total borrowings of EnergyAustralia, India and Mainland China
subsidiaries (non-recourse to CLPH)
14,003 26,588
Minus: Bank balance and liquid funds (1,374) (1,814)
Net debt 12,629 24,774
CONSOLIDATED total borrowings of CLP Group 55,483 67,435
Minus: Consolidated Group’s bank balance and liquid funds (3,799) (4,393)
Consolidated Net debt 51,684 63,042
Total Debt/Total Capital 34% 40%
Net Debt/Total Capital 32% 38%
CLP Group – Financial Obligations at a Glance
The significant reduction in overseas borrowings and associated metrics is primarily due
to the sale of the Iona asset in Australia and subsequent repayment of debt
CLP Group – Credit Ratings
Long term Rating
Foreign Currency
Outlook
Local Currency
Outlook
Short term Rating
Foreign Currency
Local Currency
S&P Moody’s S&P Moody’s S&P
CLP Holdings CLP Power EnergyAustralia
A-2
A-2
P-1
P-1
A-1
A-1
-
-
P-1
P-1
A–
Stable
A–
Stable
A2
Stable
A2
Stable
A
Stable
A
Stable
A1
Stable
A1
Stable
BBB-
Stable
BBB-
Stable
Arrows indicate recent changes. S&P changed the rating outlooks of CLPH, CLP Power
and EnergyAustralia to stable from negative in May 2015. Moody’s changed the rating
outlook of CLPH to stable from negative in May 2015. S&P and Moody’s affirmed the
credit ratings of CLPH, CLP Power and EnergyAustralia in May 2015
33
• Ample liquidity with undrawn facilities of HK$9.1bn and HK$1.95bn cash as at 31 December 2015
CLP Holdings
• Refinancing has tapped diverse funding sources aggregating HK$4.5bn debt in bank and bond markets
• US$300m (HK$2.3bn) 10-year bond at coupon 3.125%
• US$125m (HK$969m) 3-year cross-border bank loan syndicated to regional and city banks in Japan
• HK$618m (49% in HKD, 32% in JPY and 19% in AUD) 12 and 15-year bonds
• HK$600m 5.5-year bank loan facility
CLP Power
• Record year for raising project financing aggregating HK$6.8bn
• RMB3.56bn (HK$4.45bn) 18-year non-recourse project loan for FCG II construction
• RMB1.4bn (HK$1.68bn) 12 to 15-year project loans for construction of Sandu, Xundian, Laizhou & Laiwu II wind
• RMB276m (HK$329m) drawdown of 3-year offshore RMB loan for construction of Xicun Phase II solar project
• Xicun Phase I solar project obtained RMB302m (HK$360m) 14-year project loan after operations to replace same amount of offshore RMB construction loan drawn in Hong Kong
Mainland China
• Award winning refinancing initiatives
• CLP Wind Farms (India) issued Rs.6bn (HK$706m) 2.5, 3.5 and 4.5-year green bonds at 9.15% coupon rate
• Jhajjar Power Ltd issued Rs.4.76bn (HK$591m), 10 and 11-year asset-specific corporate bonds at 9.99% coupon rate
• CLP India Wind Farms arranged Rs.3bn (HK$365m) 1-year and Rs.1bn (HK$122m) 10-year bank loan facilities
India
• Material deleveraging
• Refinanced A$1.8bn (HK$10.7bn) syndicated loan facilities in July 2015, down from originally A$2.1bn (HK$12.5bn). The refinancing extended the average tenor of facilities by 1.5 years at reduced interest margins
• Extended a A$700m (HK$4.2bn) working capital facility by one year to June 2018 at lower interest margins
• A portion of A$1.78bn (HK$10bn) proceeds from divestment of Iona assets were used to early repay a significant amount of external debt
EnergyAustralia
CLP Group – Highlights of Financing Activities
34
m – million
bn - billion
1) The reduction in total loan balance was mainly due to EnergyAustralia applying a portion of the Iona sale proceeds to
early repayment of a significant amount of external debt in December 2015
2) The increase in current portion was mainly due to the reclassification of HK$3 billion bridge loan in CLP Power for
CAPCO/PSDC acquisitions from non-current portion to current portion. Note the balance was reduced from HK$5 billion
to HK$3 billion as CLP Power had made early repayment of HK$2 billion
3) Loan balance between two and five years as at 31 December 2015 included loan drawdown with current tenor less than
one year under revolving facility with maturity falling beyond one year
CLP Group – Loan balances by type and maturity
35
58% 42%
57% 43%
Proportion of debt on fixed and floating rate
2015
2014
Fixed rate Floating rate
CLP Group – Reconciliation of Operating Earnings to ACOI
* including net fair value loss/(gain) on financing related derivative financial instruments, and other net exchange loss/(gain) on financing activities and hybrid distribution # including net fair value loss/(gain) on derivative financial instruments relating to transactions not qualifying as hedges and ineffectiveness of cash flow hedges
HK$M Hong Kong Mainland China India SEA & Taiwan Australia Unallocated
Items Group total
2015 Annual results
Operating earnings 8,422 1,977 612 312 836 (626) 11,533
Add back
Non-controlling interests 837 9 - - - - 846
Net finance costs/(income) * 1,288 195 795 (2) 682 (17) 2,941
Income tax expense 1,827 129 22 - 394 - 2,372
Fair value adjustments # (4) - - - 241 - 237
ACOI 12,370 2,310 1,429 310 2,153 (643) 17,929
2014 Annual results
Operating earnings 7,782 1,579 270 297 756 (622) 10,062
Add back
Non-controlling interests 549 14 - - - - 563
Net finance costs/(income) * 2,063 203 878 (3) 991 36 4,168
Income tax expense 1,810 138 219 - 296 - 2,463
Fair value adjustments # 18 - - - (42) - (24)
ACOI 12,222 1,934 1,367 294 2,001 (586) 17,232
36
37
HK$M 2015 2014
Hong Kong
Revaluation gain on Argyle street site 99 245
Net gain on CAPCO & PSDC acquisitions - 1,953
Mainland China
Impairment provisions: 2015 - Beijing Yire
Power Station/ 2014 - Dali Yang_er Hydro (243) (158)
Australia
Gain on sale of Iona Gas Plant 6,619 -
Impairment and onerous provisions: 2015 -
generation assets/ 2014 - Narrabri Project (1,480) (1,578)
Costs associated with the termination of debt (858) -
Net tax credit - 545
Gain on termination of an energy agreement - 152
Items affecting comparability 4,137 1,159
CLP Group – Items affecting comparability
(1) Capital investments include fixed assets, leasehold land and land use rights,
investment property, intangible assets and investments in and advances to joint
ventures
(2) Capital expenditure on fixed assets, leasehold land and land use rights and
investment property are further analysed into
• SoC capex - capital expenditure related to the SoC business
• Growth capex - capital expenditure for additional generation capacity
• Maintenance capex - capital expenditure other than the above
(3) Capital investments on intangibles assets and investments in and advances to joint
ventures
(4) Net of bank balance, cash and other liquid funds
Cash flow
Free cash flow decreased by HK$1.7 billion primarily due
to reduced inflows from SoC, in particular the payment of a
Special Fuel Rebate of HK$1.3 billion in 2015 and other
associated factors, offset by higher dividend from FCG I
Cash flow from divestments provided an additional HK$10
billion
Capital Investments
HK$7.3 billion SoC capex on cash basis related to
enhancing transmission and distribution networks,
generation and customer services in Hong Kong
Growth capex mainly related to our renewable projects in
India and Mainland China
Maintenance capex represents capital expenditure on
existing power plants in Australia
Others mainly related to the investment in FCG II
Net Debt/Total Capital
Lower net debt and net debt/total capital driven by
repayment of debt using proceeds from the sale of Iona
HK$M 2015 2014
Cash Flow
EBITDAF 31,267 23,442
Less: Items affecting comparability (6,573) 581
Recurring EBITDAF 24,694 24,023
Less: Movement in SoC items &
balancing accounts (860) 2,621
Less: Movement in working capital & others (2,840) (3,213)
Funds from operations 20,994 23,431
Less: Tax paid (1,987) (1,595)
Less: Net finance costs paid (4,205) (4,002)
Less: Maintenance capex (748) (812)
Add: Dividends from joint ventures & an associate 3,236 2,005
Free Cash Flow 17,290 19,027
Capital Investments (1)
• SoC capex (2)
7,328 6,837
• Growth capex (2)
2,795 1,747
• Maintenance capex (2)
748 812
• Others (3)
1,096 2,918
Total 11,967 12,314
Dividend paid 6,695 6,569
Proceeds from divestments 10,193 -
End of year (31 December) 2015 2014
Net Debt (4) (HK$M) 51,684 63,042
Net Debt/Total Capital (%) 32.4% 38.0%
CLP Group – Cash Flow and Financial Structure
38
Hong Kong – Growing Business Scale
Generation Transmission Distribution Retail
8,888 MW of installed
capacity
> 14,900 km of transmission and
high voltage distribution lines
> 220 primary and > 14,000
secondary substations
During 2015:
Local electricity sales increased 0.3% to 33,033 GWh
No. of customers increased by 25k to 2,485k
Major infrastructure projects ongoing
Commissioned new primary substations at Ho Yeung
Street, Lai Wan Interchange and Lam Tei, to provide
electricity supply for the construction of Tuen Mun-Chek
Lap Kok Link, the Government’s Harbour Area
Treatment Scheme, as well as for meeting the new
demand in Tuen Mun North area
Over 260 km of new transmission and distribution power
cables and over 170 new substations added
Launched a new support service to simplify the
installation of individual charging facilities for electric
vehicles in the car parks of residential and commercial
buildings
Continue to receive awards for safety performance and
operational excellence in serving our customer’s needs
We generate, transmit and distribute electricity to over 80% of Hong Kong’s
population through Kowloon, the New Territories and Lantau Island
39
34,220 GWh sold and
2.48 million customer accounts
Hong Kong – Electricity Sales
Hong Kong Electricity Sales
GWh 2015 2014 Change
Residential 9,228 9,450 (2.3%)
Commercial 13,209 13,099 0.8%
Infrastructure & Public
Services 8,805 8,585 2.6%
Manufacturing 1,791 1,791 (0.0%)
Total Local Sales 33,033 32,925 0.3%
Export Sales 1,187 1,226 (3.2%)
Total Sales 34,220 34,151 0.2%
Hong Kong 40
HK$M 2015 2014 Change
CLP Power HK 5,152 5,615 (8.2%)
CAPCO 2,478 2,185 13.4%
Total 7,630 7,800 (2.2%)
Hong Kong – Capex
Capex incurred up to December 2015 of HK$15.4 billion, vs. Development Plan
from January 2014 to September 2018: HK$34.1billion
5,680 5,6155,152
1,149
1,188720
1,368
1,724
1,783
743
4,901
5,650
1,735
1,079
817
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
FY2011 FY2012 FY2013 FY2014 FY2015
CAPCO – JV partner’s share
CAPCO - CLP’s share
CLP Power
6,050
6,838 6,400
Total Capital Expenditure in line with Development Plan
6,983 6,887
2014-2018
DP
41
HK$M
Gross (100%) Capital Expenditure
0
120
180
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
To
tal
em
iss
ion
s (
KT
)
Nitrogen Oxide (NOx)
Sulphur Dioxide (SO2)
Respirable Suspended Particulates (RSP)
60
240
1990 Installed electrostatic precipitators at Castle Peak Power Station
1993 Installed Low NOx burners at Castle Peak Power Station
1994 Import Nuclear from Daya Bay
1996 Natural gas -fired Black Point Power Station established
Over 85% emissions reduction even with 83% increase in electricity demand since 1990
2013 Black Point Power Station began using West-East Pipeline Gas for power generation
1993
2010-2011 Castle Peak Power Station Emissions Control Equipment commissioned
2005 Increased use of Ultra Low Sulphur Coal
Total Emissions Reduction
1990 – 2015
RSP 91%
SO2 95%
NOX 85%
83% Total Electricity Demand
Hong Kong – Environmental Improvement
42
CLP Power’s Generation
Fuel Mix
56%
15%
28%
1%
42%
25%
32%
1%
2015
2014
Coal
Gas
Nuclear
Others (e.g. oil)
Hong Kong – Reliability and Tariff
43
0.0
0.5
1.0
1.5
2.0
2.5
CLP Power Singapore Sydney London New York
Remarks:
Comparison based on average monthly domestic consumption
of 275kWh
Tariff and exchange rate at Jan 2016
HK$/kWh
Low Tariff High Reliability
Remarks: 2013-2015 average for CLP Power 2012-2014 average for all other cities There is no overhead lines in Singapore
0.5 1.5
17 17
28
0
10
20
30
40
50
0.5 CLP Power
Unplanned customer
minutes lost per year
Sydney
(CBD)
New York London Singapore
More Reliable Less Reliable
Hong Kong – Residential Tariff Comparison
44
Remarks: Comparison based on average monthly domestic consumption of 275kWh
Tariff and exchange rate at January 2016
Source: Web search
Residential Tariff HK cents/kWh (as of Jan 2016)
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
Ku
ala
Lu
mp
ur
Ta
ipei
Van
co
uv
er
Sh
an
gh
ai
Sh
en
zhe
n
Ja
ka
rta
Seo
ul
Mia
mi
CL
P
Sin
ga
po
re
Wa
sh
ing
ton
, D.C
.
Ho
usto
n
He
lsin
ki
Mac
au
San
Fra
ncis
co
Man
ila
Paris
Am
ste
rda
m
Lu
xem
bo
urg
Lis
bo
n
We
lling
ton
To
kyo
Bru
sse
ls
Syd
ney
Lo
nd
on
Ne
w Y
ork
Mad
rid
Be
rlin
Ro
me
Hong Kong – Comparison of Electricity Tariff Rises
45
Period: 2005 – January 2016
Source: Web search
Note: Comparison based on annual residential customer consumption of 3,300 kWh
2011 2012 2013 2014 2015
WEP II Gas
Short Term SouthChina Sea Gas
Yacheng Gas0
5
10
15
20
25
30
35
40
45
2014 2015
To
tal E
mis
sio
ns
(kilo
ton
nes
)
RSP
SO2
NOx
-35%
-65%-36%
Hong Kong – Emission reduction and tariff
management
Emissions Caps
Average tariff by components Ongoing challenge in tariff management
Cost control enables Basic Tariff to remain below 1998 level
Gas consumption in 2015 is almost double that of 2014 in
order to meet emissions targets in 2015 which are 35% to
65% lower than the previous caps
Due to much weaker international commodity prices, the
prices for natural gas and coal we consumed were below
forecast. A special fuel rebate in August 2015 to customers
equivalent to 8 cents per unit based on consumption in the
first half of 2015
The Average Total Tariff for 2016 decreases by 0.9% from the
2015 level
CLP is focussed on continuous cost containment measures
to minimise future tariff increases
46
-20
0
20
40
60
80
100
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
88.9
89.1
HK¢/kWh Average Net Tariff
Basic Tariff
Fuel Cost Adjustment 24.3
Gas Volume
56%
15%
28%
1%
42%
25%
32%
1%
Coal Gas Nuclear Others (e.g. Oil)
34% 19%
31% 44%
33%
35% 2%
2% 15,242
17,885
0
5,000
10,000
15,000
20,000
2014 2015
Energy Cost
Hong Kong – Energy Cost and Fuel Mix
To meet new emission caps set for 2015, gas usage in power generation
has almost doubled compared with 2014
Additional 10% import from nuclear starting from 4Q2014
Increase in energy cost by 17%, amounting to HK$17.9b
+17.3%
HK$M
47
2015
2015
2014
Fuel Mix (based on MWh generated/purchased)
The average foreign exchange rates used to convert Mainland China Segment earnings to Hong Kong dollars
are 1.25732 for 2014 and 1.23208 for 2015. Note that in the ACOI variance analysis presented in the body of
the presentation 2014 earnings are adjusted for changes in scope and foreign exchange before year on year
variance in underlying performance is illustrated
Mainland China – Financials (HK$)
HK$M Operating/Total Earnings ACOI
2015 2014 2015 2014
Coal-fired projects 625 719 662 762
- Fangchenggang 67 293 73 311
- Shandong 558 426 589 451
Renewables projects 317 244 574 515
- Wind 151 144 224 226
- Hydro 87 107 248 296
- Solar 79 (7) 102 (7)
Nuclear power business 844 774 888 816
Operating expenditure (92) (80) (97) (81)
Earnings from operations 1,694 1,657 2,027 2,012
Development expenditure (9) (23) (9) (23)
RMB exchange loss (24) (29) (24) (29)
CSEC Guohua 316 - 316 -
RMB exchange loss relating to CSEC Guohua & Shenmu reclassification adjustment
- (26) - (26)
Operating earnings /ACOI 1,977 1,579 2,310 1,934
Impairment provisions for Beijing Yire Power Station/Dali Yang_er Hydro
(243) (158)
Total earnings 1,734 1,421 Mainland China
48
Mainland China – Financials (Local Currency)
RMB’M Operating/Total Earnings ACOI
2015 2014 2015 2014
Coal-fired projects 507 572 537 606
- Fangchenggang 54 233 59 247
- Shandong 453 339 478 359
Renewables projects 258 194 466 409
- Wind 123 115 182 180
- Hydro 71 45 201 235
- Solar 64 34 83 (6)
Nuclear power business 685 616 721 649
Operating expenditure (75) (64) (79) (64)
Earnings from operations 1,375 1,318 1,645 1,600
Development expenditure (7) (18) (7) (18)
CSEC Guohua 256 - 256 -
Operating earnings /ACOI 1,624 1,300 1,894 1,582
Impairment provisions for Beijing Yire Power Station/ Dali Yang_er Hydro
(197) (126)
Total earnings 1,427 1,174
Mainland China 49
China remains a primary growth market for CLP
Government support for renewable development within the Five Year Plan, Power Sector Reform and
from COP21 provides strong impetus to investors such as CLP to make selective investments in
renewables
CLP’s focus on the development of renewables and high-efficiency coal projects means we are well-
positioned to capitalise these opportunities
CLP is continuing to develop the following projects
Sihong Solar (48MW) and Xicun II Solar (42MW) commissioned in 2015
Construction of FCG II (1,320MW, CLP share 924MW) ultra super-critical plant, target to commission in 2H2016
Xundian I (49.5MW) and Sandu I (99MW) wind farm in Yunnan and Guizhou commission in 1Q2016
3 wholly-owned wind farms under construction or committed - CLP Laizhou (49.5 MW) and Laiwu II (49.5 MW) in Shandong
commenced construction in 2015, with Sandu II (99MW) in Guizhou to commence construction in 1H2016
China’s INDCs by 2030 China will lower its carbon dioxide emissions per unit of GDP by 60-65% from 2005 level
China will achieve share of non-fossil fuels in primary energy consumption to around 20%
Mainland China – Renewable and Power Generation
50
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2007 2008 2009 2010 2011 2012 2013 2014 2015
MW
Underconstruction
Renewables
Coal-fired
Nuclear
CLP capacity(1) in Mainland China
(1) CLP equity interest and capacity purchase rights Source: Department of Climate Change, NDRC
0%
5%
10%
15%
20%
25%
2015 Target at 2020 Target at 2030
Share of non-fossil fuels in primary energy consumption
Objectives of 2015 Power Sector Reform
Accelerate development of market mechanism to promote competition in
Generation and Retail sectors and to increase efficiency
Regulate the T&D sector and reform the tariff by using cost plus asset-
based return calculation
Open up opportunities in Transmission, Distribution & Retail for private
capital investment
Support development of ancillary service, RE, distributed generation, and
micro grids
Some implementation guidelines have been provided following the
issuance of Power Sector Reform including:
Mainland China – Power Sector Reform
51 CLP is well positioned to pursue opportunities
2002 Doc #5; separated grids from generation
2011 separated auxiliary business from T&D
(boundary clear)
2015 asset based T&D tariff pilot scheme launched in Shenzhen;
Direct Sales in good progress
India – Financials
HK$ Local Currency
2015 2014 2015 2014
HK$M HK$M INR’M INR’M
ACOI
Paguthan 279 247 2,313 1,942
Jhajjar 658 579 5,455 4,553
Renewables 492 541 4,078 4,254
Total 1,429 1,367 11,846 10,749
Operating earnings
Paguthan 332 229 2,752 1,801
Jhajjar 146 (94) 1,210 (739)
Renewables 134 135 1,111 1,061
Total 612 270 5,073 2,123
India 52
The average foreign exchange rates used to convert Indian Segment earnings to Hong Kong dollars
are 0.127 for 2014 and 0.121 for 2015. Note that in the ACOI variance analysis presented in the
body of the presentation 2014 earnings are adjusted for changes in scope and foreign exchange
before year on year variance in underlying performance is illustrated
-
40
80
120
160
200
Oct 2015 Target at 2022
India’s renewable energy installed capacity
Others
Wind
Solar
India’s INDCs by 2030 India will reduce the emissions intensity of its GDP by 33-35% from 2005 level
India will achieve about 40% cumulative electric power installed capacity from non-fossil fuel based energy resources
India – Renewable Generation
53
India is a developing economy with a need for new generation capacity to address a
continuing shortage of power
This provides us with a range of investment opportunities and India is a primary
growth market for CLP
We are one of the largest foreign investors in the power sector, and the largest
developer of wind power in India
Our renewables generation portfolio in India continues to grow
194 MW commissioned in 2015
149 MW under construction
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Committed 50 223 330 429 486 637 972 1,051 1,081 1,073
Commissioned 0 17 75 105 314 443 521 628 730 924
-
200
400
600
800
1,000
1,200
CLP Wind Portfolio in India
MW GW
Source: The Ministry of New and Renewable Energy, Government of India
Southeast Asia & Taiwan – Financials
The average foreign exchange rates used to convert SEA & Taiwan Segment earnings to Hong
Kong dollars are 0.2387 and 0.2554 for 2014 and 0.2259 and 0.2442 for 2015 for Thai Baht and
New Taiwan Dollars respectively. Note that in the ACOI variance analysis presented in the body of
the presentation 2014 earnings are adjusted for changes in scope and foreign exchange before
year on year variance in underlying performance is illustrated
SEA & Taiwan
HK$ Local Currency
2015 2014 2015 2014
HK$M HK$M M M
ACOI
Ho-Ping 274 265 NT$1,123 NT$1,041
NED 65 74 THB290 THB308
Operating expenditure (12) (27) - -
Development expenditure (17) (18) - -
Total 310 294
Operating earnings
Ho-Ping 274 265 NT$1,123 NT$1,041
NED 65 74 THB290 THB308
Operating expenditure (12) (26) - -
Development expenditure (15) (16) - -
Total 312 297
54
The average foreign exchange rates used to convert Australian Segment earnings to Hong Kong dollars
are 6.9735 for 2014 and 5.7916 for 2015. Note that in the ACOI variance analysis presented in the body
of the presentation 2014 earnings are adjusted for changes in scope and foreign exchange before year
on year variance in underlying performance is illustrated
Australia – Financials
Australia 55
HK$ Local Currency
2015 2014 2015 2014
HK$M HK$M A$M A$M
EBITDAF (pre one-off items) 3,607 3,878 623 554
Depreciation & Amortisation (1,454) (1,877) (251) (269)
ACOI
Retail 2,658 1,279 459 183
Wholesale 975 2,198 168 316
Corporate (1,480) (1,476) (255) (214)
Total 2,153 2,001 372 285
Fair value adjustments (241) 42 (42) 8
Net finance costs (682) (991) (118) (142)
Income tax expense (394) (296) (69) (43)
Operating earnings 836 756 143 108
Energy agreement termination - 152 - 22
Net tax credit - 545 - 78
Impairment & other charges (1,480) (1,578) (261) (248)
Net gain on sale of Iona 6,619 - 1,180 -
Debt Close out (858) - (155) -
Total Earnings 5,117 (125) 907 (40)
Online Gross Sales are trending
upwards and up ~48% from last year
Promising growth in customers
signing up to online billing (~300k)
Launched a major new television and
radio advertising brand promotion “A
Wise Call” to support customer
retention and acquisition
Improved Customer experience
observed through lower Ombudsman
complaints, which have reduced from
a monthly average of 298 per 10k
customers in 2013 to 56 in 2015
Performance is now in line with our
major competitors AGL and Origin
Over A$100 million cost savings
achieved through cessation of the
TSA, process improvements, new
contact centre model and new
complaints model
Enhanced Digital Platform and Improved Customer Experience
Australia – Retail Operations
56
233
46
0
50
100
150
200
250
Jan
-14
Fe
b-1
4
Ma
r-1
4
Ap
r-1
4
Ma
y-1
4
Jun
-14
Jul-
14
Au
g-1
4
Se
p-1
4
Oct
-14
No
v-1
4
De
c-1
4
Jan
-15
Fe
b-1
5
Ma
r-1
5
Ap
r-1
5
Ma
y-1
5
Jun
-15
Jul-
15
Au
g-1
5
Se
p-1
5
Oct
-15
No
v-1
5
De
c-1
5
Ombudsman Complaints 2014-2015(Rolling 3mth average annualised)
Omb Complaints Per 10K Cust/Acc
Includes Migrated Customers from
Nov14
Note: Individual items and totals are rounded to the nearest appropriate number. Some totals may not add down the page due to rounding of individual components
Mass Market Customer accounts
increased by 27k, majority in the second
half of 2015
Decreased sales volume and revenue
driven by lower sales to low margin
Commercial & Industrial customers
EnergyAustralia continues to have below
market churn rates (blended across
electricity and gas) in the key states of
Victoria and New South Wales
Australia – Retail Operations
57
Mass Market
Commercial & Industrial
Total Sales Volume
Sales Revenue (A$m)
24.2 70.2
5,006.0 972.0
Electricity (TWh) Gas (PJ)
11.1 33.3
13.1 37.0
Gas (PJ)
35.7
35.8
71.5
1,035.2
Electricity (TWh)
11.0
10.5
21.5
4,254.6
2015 2014Sales Volumes and
Revenue
Total Mass Market
Commercial & Industrial
Total Customer Numbers
Weighted Avg Mass Market 1,780.0 813.0 2,593.0
21.1 0.4 21.5
1,794.6 821.2 2,615.7
Electricity Gas Total
1,773.5 820.8 2,594.2
844.4
828.3
Total
2,621.0
17.1
2,638.0
2,602.2
Customer Account Numbers
(‘000)
2015 2014
Electricity
1,777.0
16.6
1,793.6
1,773.9
Gas
844.0
0.5
0%
5%
10%
15%
20%
25%
30%
Vic NSW SA Qld
Market Churn FY14
Market Churn FY15
EA Churn FY14
EA Churn FY15
Following declines, demand has been flat over past year
Additional LNG related demand in Queensland has led to
previously mothballed units at Tarong returning to service
Low aluminium prices continuing to challenge economics of
smelters, which may lead to future demand reduction
1,320 MW Vales Point power station sold for A$1M
Electricity prices trended up in 2015 with recent price
increases influenced by the El Nino weather pattern, lower
hydroelectric generation and the Basslink outage
Increased renewable prices (see LGC Spot Price Below)
likely to encourage new supply
Long term market oversupply is likely to persist
Australia – Wholesale Market Conditions
59
Carbon
Regime
58
Taiwan Hong Kong
Australia
India
TAIWAN – total 264MW
Operational
Ho-Ping 1,320/264 MW (c)
China
AUSTRALIA – total 4,505MW*
Operational
Yallourn 1,480/1,480 MW (c)
Mount Piper 1,400/1,400 MW (c)
Hallett 203/203 MW (g)
Ecogen 966/966* MW (g)
Tallawarra 420/420 MW (g)
Wind Projects 66/33 MW (w)
Wilga Park 16/3 MW (g)
HONG KONG – total 6,908MW*
Operational
Castle Peak 4,108/4,108* MW (c)
Black Point 2,500/2,500* MW (g)
Penny’s Bay 300/300* MW (d)
CLP Group – Generation Portfolio – Dec 2015
Thailand
• Station Name Gross MW / CLP Equity MW
* including capacity purchase Fuel Source: (c) – coal-fired (g) – gas-fired (w) – wind (h) – hydro (n) – nuclear (d) – diesel (s) – solar
INDIA – total 3,048MW
Operational
Jhajjar 1,320/1,320 MW (c)
Paguthan 655/655 MW (g)
Wind Projects 924/924 MW (w)
Under Construction / Committed
Wind Projects 149/149 MW (w)
CHINA – total 7,960MW*
Operational
Daya Bay 1,968/1,380* MW (n)
Pumped Storage 1,200/600* MW (h)
Fangchenggang I 1,260/882 MW (c)
SZPC 3,060/900 MW (c)
Guohua 7,660/1,350 MW (c)
& Shenmu (a)
Hydro Projects 509/489 MW (h)
Wind Projects 1,133/600 MW (w)
CGN Wind 1,794/251 MW (w)
Solar Projects # 262/175 MW (s)
Under Construction / Committed
Fangchenggang II 1,320/924 MW (c)
Wind Projects 346/346 MW (w)
CGN Wind 399/63 MW (w)
THAILAND – total 21MW
Operational
NED Solar # 63/21 MW (s)
18,180MW Equity and 4,526MW Capacity Purchase (total 22,706MW)
(a) Beijing Yire Power Station, which is owned by CSEC Guohua International Power Company Limited, ceased operation on 20 March 2015 at the request of
Beijing municipal authorities. This came as part of the city’s effort to combat air pollution by reducing coal-fired generation in Beijing
# Solar projects in AC output
59
CLP Group – Renewable Generation Portfolio – Dec 2015
AUSTRALIA – total 33MW
Operational
Cathedral Rocks 66/33 MW (w)
Khandke 50/50 MW (w)
Samana I & II 101/101 MW (w)
Saundatti 72/72 MW (w)
Theni I 50/50 MW (w)
Theni II 50/50 MW (w)
Harapanahalli 40/40 MW (w)
Andhra Lake 106/106 MW (w)
Sipla 50/50 MW (w)
Bhakrani 102/102 MW (w)
Mahidad 50/50 MW (w)
Jath 60/60 MW (w)
Tejuva 101/101 MW (w)
Chandgarh 92/92 MW (w)
Yermala 149/149 MW (w)
Changdao 27/12 MW (w)
Weihai I & II 69/31 MW (w)
Nanao II & III 60/15 MW (w)
Shuangliao I & II 99/49 MW (w)
Datong 50/24 MW (w)
Laizhou I 41/18 MW (w)
Changling II 50/22 MW (w)
Guohua Wind 395/194 MW (w)
Qujiagou 49/12 MW (w)
Mazongshan 49/12 MW (w)
Qian’an I & II 99/99 MW (w)
CGN Wind 1,794/251 MW (w)
Penglai I 48/48 MW (w)
Chongming 48/14 MW (w)
Laiwu I 50/50 MW (w)
Jiangbian 330/330 MW (h)
Huaiji 129/109 MW (h)
Dali Yang_er 50/50 MW (h)
Jinchang Solar # 85/43 MW (s)
Xicun I & II Solar # 84/84 MW (s)
Sihong Solar # 93/48 MW (s)
Sandu I Wind 99/99 MW (w)
Sandu II Wind 99/99 MW (w)
Xundian I Wind 50/50 MW
(w)
CLP Laizhou I Wind 49/49 MW (w)
Laiwu II Wind 49/49 MW
(w)
CGN Wind 399/63 MW (w)
Operational Wind 851 MW Hydro 489 MW Solar 175 MW
Under Construction / Committed Wind 409 MW
CHINA – total 1,924MW
THAILAND – total 21MW
Operational
NED Solar # 63/21 MW (s)
3,051 Equity MW - 17% of CLP total equity generation portfolio
# Solar projects in AC output
Operational Wind 924 MW
Under Construction / Committed Wind 149 MW
INDIA – total 1,073MW
Australia
India
China
Thailand
• Station Name Gross MW / CLP Equity MW
Solar project (s)
Hydro projects (h)
Wind projects (w)
60
Wind (2,366 MW)
30 wind farms in Mainland China
(946 MW)
Investor in CGN Wind in Mainland
China (314 MW)
1 wind farm in Australia (33 MW)
15 wind farms in India (1,073 MW)
Hydro (489 MW)
3 hydropower projects in Mainland China
(489 MW)
Solar (196 MW)
1 solar project in Thailand (21 MW
through NED)
4 solar projects in Mainland China (175
MW)
3,051 Equity MW – Geographical* and fuel diversity - Dec 2015
CLP Group – Renewable Generation Portfolio by Fuel Mix
61 * including projects under construction and committed
Jinchang Solar, Gansu, China Qian’an Wind, Jilin, China Jiangbian Hydro, Sichuan, China
Sihong Solar, Jiangsu, China
Capacity by
Energy Type
Total
Equity MW
(a) + (b)
%
Equity MW
in operation
(a)
%
MW under construction
and development/
financially committed
(b)
%
Coal 11,396 62% 10,472 57% 924 5%
Gas 3,031 17% 3,031 17% - -
Nuclear1 492 3% 492 3% - -
Diesel 210 1% 210 1% - -
Wind 2,366 13% 1,808 10% 558 3%
Hydro 489 3% 489 3% - -
Solar 196 1% 196 1% - -
Total operating 18,180 100% 16,698 92% 1,482 8%
18,180 Equity MW Attributable to CLP Group
CLP Group – Equity MW by Fuel Mix – Dec 2015
Note 1: CLP owns 25% of GNPJVC which owns Daya Bay units 1 and 2 62
