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New Australia carbon laws to hit CLP

Reuters in Hong Kong 
12:54pm, Nov 08, 2011

Hong Kong-based regional power utility CLP Holdings (SEHK: 0002) said on Tuesday that its this year results will likely be hurt by Australia’s newly passed carbon law.

“As a consequence, the financial results of CLP Holdings for this year are expected to be adversely impacted,” CLP, which has big investment in Australia’s power generation industry, said in a filing with the Hong Kong stock exchange.

Australia’s parliament passed landmark laws to impose a price on carbon emissions on Tuesday in one of the biggest economic reforms in a decade, giving new impetus to December global climate talks in South Africa.

The scheme’s impact will be felt right across the economy, from miners to LNG producers, airlines and steelmakers and is aimed at making companies more energy efficient and push power generation towards gas and renewables.

Shares of CLP were trading at HK$70.90 at midday on Tuesday, up 0.07 per cent

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