Page 11 - Sphere No.30 (Dec 2011)

9
Sphere 30
The company celebrates its centenary with
a special stamp issue titled 100 Years of
Electricity, and the establishment of the
Hongkong Electric Centenary Trust and Lamma
Trust for charitable and community service.
Celebrations also include a permanent street
light display in Edinburgh Place and a glittering
Electric Light Show which lit up Central.
1990
The company acquires a 19.9 per cent stake in
the UK’s Northern Gas Networks, increased to
over 40 per cent by 2009.
2005
2005
Power Assets has leveraged its business reputation and experience in Hong Kong when investing internationally.
The positive impact of these acquisitions was particularly
felt earlier this year, when Power Assets’ 2011 interim results
were announced. First-half earnings from operations outside
Hong Kong were HKD2.27 billion (about USD294 million) – a
record high and 133 per cent more than for the first half of
2010. Earnings from Power Assets’ Hong Kong operations were
a steady HKD1.78 billion.
With booming Mainland China as a natural investment
target for an energy company based in Hong Kong,
Power Assets is keen to grow from its current mix of
conventional thermal power and renewable energy, especially
in the neighbouring province of Guangdong. The company
now has stakes in wind farms in Yunnan and Hebei, and
power-plant assets in Zhuhai and Jilin, and continues to
look for further investment opportunities.
Although Power Assets will continue its strategy of investing
internationally to strengthen its base for earnings growth, Hong
Kong remains an important source of revenue and continues to
attract ongoing investment in project development, particularly
in renewables.
A future highlight will be a 100 MW wind farm situated
four kilometres southwest of Lamma Island. Currently in
the early stages of development and wind monitoring, with
its Environmental Permit approved in June last year, the
completed facility could come online within four years. The
project, which will add a fascinating new dimension to the
company’s power generation capabilities at home, is further
evidence of Power Assets’ strong environmental credentials as
well as its “green” outlook, as it continues to make its mark in
the global market.