Hong Kong SMEs squeezed as power fuel surcharges soar 78.5%

Small and medium-sized businesses in Hong Kong need government subsidies to survive soaring electricity costs, as fuel surcharges from the city’s two power suppliers have jumped by up to 78.5 percent, an industry leader and a lawmaker said. The sharp rise is linked to the Middle East conflict, which has pushed up global fuel prices. HK Electric, the supplier for Hong Kong Island and Lamma Island, announced its fuel clause charge will rise by 5.9 percent to 60.7 HK cents per kilowatt-hour (kWh) in September. The company has increased the charge every month since June.