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Black Point Power Station has generation capactiy of 1,875 megawatts providing electrical power to Hong Kong. |
BUSINESS SCOPE
- An ExxonMobil power affiliate holds a 60-percent interest in a company that owns three power stations in Hong Kong. CLP Power Hong Kong Limited operates the stations and owns the remaining 40 percent as well as the electricity transmission and distribution system serving Kowloon and The New Territories. The ExxonMobil power affiliate also holds a 51-percent interest in a company that has off-take rights to half of the capacity of a pumped storage station in Guangdong Province.
- ExxonMobil's power investment company is responsible for developing attractive power generation investment opportunities around the world. These projects are developed in cooperation with the company's coal and power, refining, chemical, and gas marketing organizations.
Industry Conditions
- Trends toward deregulation and privatization continued in the power industry; however, economic conditions slowed growth in demand for new power generation capacity in Asia.
POWER STRATEGIES
- Enhance the long-term value of existing power interests in Hong Kong.
- Pursue attractive power generation investments worldwide that complement other ExxonMobil businesses.
1999 HIGHLIGHTS
Steady earnings continue, driven by Hong Kong operations.
ExxonMobil's power generation capacity includes investment in 6,883 megawatts in Hong Kong and Guangdong, and 5,000 megawatts at ExxonMobil sites including 2,000 megawatts of cogeneration capacity.
Progress continued in the development of power projects in Nigeria, Germany, Eastern Europe, Central America, Asia, and at several North American refineries.
The Black Point Power Station won the 1999 Hong Kong Award for Industry in the environmental performance category.
| Statistical Recap(1) |
1999 |
1998 |
1997 |
|
|
| Earnings (millions of dollars) |
327 |
335 |
333 |
| Electricity Sales(2) (gigawatt-hours) |
25,778 |
25,764 |
23,725 |
| Average capital employed (millions of dollars) |
2,180 |
2,209 |
2,204 |
| Capital expenditures (millions of dollars) |
26 |
88 |
238 |
(1) ExxonMobil share of power affiliate results, except electricity sales, which are stated at 100 percent. Majority-owned power companies in China were de-consolidated in 1998.
(2) CLP Power sales to consumers in China. |
| GENERATING FACILITIES |
| | Capacity(1) | Fuel |
|
| | (MW) | |
| Hong Kong | 6,283 | Gas/Coal/Oil |
| Guangdong | 600 | Pumped Storage |
| Cogeneration | 2,000 | Gas/Various |
| Other(2) | 3,000 | Gas/Various |
(1) Capacity stated at 100 percent. Cogeneration and Other includes capacity at ExxonMobil sites worldwide. |
| (2) Includes simple cycle generation. |
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