The 2017 financial statements and annual report of Companhia de Electricidade de Macau (CEM) were approved by the board of the company at the annual general meeting on Wednesday, with the final net profit settled at MOP793 million.
In 2017, the peak demand of power consumption in Macau rose by 7.7 percent to 1,004 MW, while the total electricity consumption reached 5,377 GWh, up 2.3 percent year-on-year.
The cost of local electricity generation remained competitive last year compared with that imported from mainland China, according to a statement from CEM.
Local power generation increased by 60 percent to 1,260 GWh compared to 2016, accounting for 23.4 percent of the total power consumption in Macau. Electricity imported from Mainland China declined by 8.2 percent year- on-year to 3,952 GWh, taking up 73.5 percent of the total power consumption, while the remaining 3.1 percent was purchased from Macau Refused Incineration Plant.
The CEM statement said that the company continued to invest in local critical infrastructure facilities last year, “with the aim of strengthening supply reliability and meeting the ever-increasing power demand.”
Accordingly, CEM’s capital expenditure in 2017 was MOP1.52 billion, with the majority invested in the power transmission and distribution networks and other, specific projects, such as primary substations in the Hospital Conde S. Januário as well as the Hong Kong-Zhuhai-Macau Bridge Artificial Island.
Regarding the impact caused by Typhoon Hato in August last year – which temporarily plunged the city into darkness – CEM said that the power supply was restored “in the shortest possible time.” It said that the company was making efforts to improve local power infrastructure, without specifying the details.
The annual general meeting also saw several individuals appointed to the company’s supervisory board. They are Paul Tse representing the Macau SAR, Wong Su Cheong representing Sino-French Energy Development Co. Ltd., José da Guia Rodrigues dos Santos representing Energy Asia Consultancy Ltd., and Cheong Sio Tong.
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