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ENERGY & OFFSHORE | Staff Reporter, Hong Kong

CLP shares drop following passage of clean energy law in Australia

The power supplier previously said its earnings may be affected by the passage.

A Bloomberg report said, “The shares dropped as much as 1.6 percent, the most since October 12, and were at HK$69.95 as of 2:30 p.m. local time (8 November 2011), down 1.3 percent. The benchmark Hang Seng Index rose 0.1 percent.”

Australia’s upper house of parliament, according to the report, passed legislation that will see about 500 firms charged A$23 ($23.80) a metric ton for their emissions beginning July 2012.

“CLP said on August 26 the legislation may impair the value of its A$1.7 billion Yallourn brown-coal power plant in Victoria state,” said the report.

View the report here.

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